The Swiss Competition Commission (COMCO) has opened an investigation in the fragrance sector based on its suspicions that producers have colluded.
Under investigation are Firmenich International SA (Geneva), Givaudan SA (Geneva), International Flavors & Fragrances Inc. (USA) and Symrise AG (Germany).
Dawn raids were conducted at various locations carried out in consultation with other competition authorities, namely the European Commission, the US Department of Justice Antitrust Division and the UK Competition and Markets Authority.
COMCO said it has indications that several undertakings active in the production of fragrances have violated cartel law.
“There are suspicions that these undertakings have coordinated their pricing policy, prohibited their competitors from supplying certain customers and limited the production of certain fragrances,” it said in a statement.
“In the course of the investigation, it will be examined whether there are indeed restrictions of competition prohibited by cartel law. The presumption of innocence applies to the undertakings.”
All four companies are said to be co-operating fully with the investigation.