Securing Symrise's Competitive Position
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Symrise and IG BCE (Mining, Chemical and Energy Industrial Union)Extend Collective Labor Agreement with the Goal of Strengthening theCompany in the Long TermSymrise and IG BCE are extending their expiring collective laboragreement. With the conclusion of the agreement, savings of over ? 20million will be generated in the next five years. In return, Symrisewill guarantee jobs at the German locations."The extension of the collective labor agreement expiring at the endof the year is a critical step towards securing Symrise'sinternational competitive position. It also gives us a great degreeof planning reliability in further implementing our successfulstrategy," explains Symrise Chief Executive Officer, Dr. Heinz-JürgenBertram. These savings at the German locations alone guarantee theongoing competitiveness of the Company.Both IG BCE and the Chairman of the general works council, Karl-HeinzHuchthausen, welcome the agreement. "The concessions by the workforceat the German locations give consideration to the economic conditionson one hand, yet on the other still give our employees prospects."The important parameters are retaining a work week of no less than 40hours, gradually taking over the pay scale agreements of IG BCE withfixed deductions and reducing shift differentials to a standard rate.This will yield the mentioned savings of over ? 20 million in thenext five years. In return, Symrise guarantees that its workforce asof the reporting date of June 30, 2009 will be maintained.The uncertainties of the economic environment and the continuouslyhigh cost pressure give rise to the need for a reliable basis forconsistently pursuing the long-term Company goals. One particular aimis to secure the expected growth. The Company also wants to showstronger development than the market in the future. At the same time,profitability should be improved.The new collective labor agreement has a term through December 31,2014 and replaces the agreement expiring on December 31, 2009.About SymriseSymrise is a global supplier of fragrances and flavorings while alsomanufacturing raw materials and active ingredients for the perfume,cosmetics and food industries.Its sales of ?1.32 billion in 2008 place the company among the topfour in the international flavors and fragrances market.Headquartered in Holzminden, Germany, Symrise is represented in morethan 35 countries in Europe, Asia, the United States and SouthAmerica.The number of patent applications the company files each year liessignificantly above the industry average, making Symrise one of themost innovative manufacturers on the market. Used by manufacturers ofperfumes, cosmetics and foods, our products are an inseparable partof daily life. At Symrise we combine an awareness of consumer trendswith cutting-edge technologies, focusing on innovative fashion andlifestyle products that have additional practical value for theconsumer. Symrise - always inspiring more...www.symrise.comFor further information please contact: Katja Derow, red rosescommunications, Tel. ++49 1624311376 ++49 (0) 40-4696770-10, e-mail:k.derow(at)redroses-pr.comhttp://hugin.info/137217/R/1335751/317584.pdf --- End of Message ---Symrise AGMühlenfeldstraÿe 1 Holzminden GermanyWKN: SYM999; ISIN: DE000SYM9999; Index: MDAX, TecDAX;Listed: Regulierter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Börse Stuttgart, Prime Standard in Frankfurter Wertpapierbörse;
Datum: 19.08.2009 - 10:00 Uhr
Sprache: Deutsch
News-ID 4863
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London
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Business News
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