Symrise opens Symrise Parsian in Tehran, Iran, to strengthen the company’s presence in the Middle East.
Symrise will set up sales offices and application-specific laboratories at the site.
The company wants to use the knowledge gained on site to develop custom-tailored products for the market in the Persian Gulf region.
These will be made for local and international customers in the food and beverage industry, as well as for manufacturers of perfumes, body care, and household care goods.
Symrise’s Scent & Care and Flavor & Nutrition segments have had business contacts with Iran for more than 40 years.
“Iran’s location between Europe, Russia and the Persian Gulf States makes this country an important trading hub. This opens a variety of trading opportunities for the future – also with Asia,” said CEO Dr. Heinz-Jürgen Bertram.
“The country has good liquidity and already ranks among the 20 largest economies.”
“Iran has the fourth-largest oil reserves in the world as well as other natural resources,” he said.
“Experts expect the gross domestic product to double soon.”
“The business has been overseen by freelance sales representatives since the mid-seventies and has been expanded continually in the years since then,” he added.
“The population of roughly 80 million is well educated with a healthy demographic distribution of 50 percent under the age of 30,” said Mohammad Faieghi, MD of Symrise Parsian.
“There is a lot of demand for products such as high-quality perfumes, cosmetics and foods that conform to leading global standards.”
“The total market potential in this area is estimated to be more than €100 million (US$113.38 million).”