THE WHAT? DSM-Firmenich has agreed to a US$33 million settlement with direct purchasers to resolve claims against the company in US litigation alleging price fixing in the fragrance ingredients market.
THE DETAILS Direct purchasers have asked a New Jersey federal court to approve the US$33 million settlement with DSM-Firmenich and its subsidiaries. The agreement relates to wider antitrust litigation concerning alleged coordination in the fragrance ingredients market involving major industry suppliers. Under the proposed settlement, DSM-Firmenich has also agreed to cooperate with the plaintiffs in the continuing litigation. Symrise has been cleared of the allegations and should therefore not be described as a remaining defendant in the case.
THE WHY? The settlement is significant for the fragrance and beauty supply chain given DSM-Firmenich’s position as one of the world’s largest fragrance and ingredients companies. It also keeps competition and pricing practices within the highly concentrated fragrance supply sector under industry scrutiny.
Source: Law360
