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Croda International has acquired Uniqema, a division of Imperial Chemical Industries (ICI), positioning itself as a leading global oleochemical specialities manufacturer. According to the company, it will pay ICI £370 million in cash and will assume £40 million of unfunded post-retirement benefit liabilities. Uniqema is a global manufacturer and supplier of base oleochemicals and specialities used in a wide variety of consumer care markets.
The directors of Croda claim that the acquisition fulfils a long-term strategic goal for the company, providing an enhanced global platform from which to pursue future growth opportunities. This acquisition, according to the company, will prove beneficial on several levels: it will strengthen the company’s position as a leading global oleochemical specialities manufacturer and its position in consumer care products; it will bring complementary products and technologies to the company (i.e., alkoxylates, sunscreens and crop care); and it will strengthen the company’s presence in key growth markets such as India; among other benefits.
Commenting on the acquisition, Martin Flower, chairman of Croda, said in a press statement: “Croda has had a strategy of growing both organically and through acquisition for a long time. We have been very disciplined in looking at possible acquisitions. The board and I are convinced that this acquisition will create significant shareholder value and provide an exciting platform for Croda’s future growth.”
Also commenting on the acquisition, Mike Humphrey, group chief executive of Croda, said in a prepared statement: “This is an exciting step in the Croda growth story. Acquiring Uniqema has clear industrial logic and a compelling financial case. It is a great opportunity for Croda’s experienced management team to combine with Uniqema’s talented people to create a new company with a great future.”