Croda International : Acquisition of Iberchem expands reach into high growth fragrances market
November 18, 2020 at 03:57 am EST
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Croda International Plc ('Croda', 'the Company' and together with its subsidiaries, 'the Group'), the speciality chemical company that uses smart science to create high performance ingredients and technologies that improve lives, today announces that it has agreed to acquire the entire issued share capital of Fragrance Spanish Topco, S.L., trading as Iberchem ('the acquisition'), a leading global fragrances and flavours ('F&F') company, for a total consideration of €820m (c.£736m) on a debt-free, cash-free basis. Iberchem has been majority owned by Eurazeo since 2017. The consideration will be funded via a combination of the Group's existing debt facilities and the proceeds of an equity placing, representing c.8% of Croda's issued share capital.
Iberchem was founded in 1985 and is headquartered in Murcia, Spain. As at August 2020, it had approximately 850 employees, 14 manufacturing facilities, 10 R&D centres and a commercial presence in 120 countries. Approximately 80% of its sales are fragrances for Personal Care and Home Care products, areas where it has a similar customer profile to Croda. A further c.20% of sales are generated by its Scentium flavours business, principally for food, pharmaceutical and oral care applications.
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Croda International plc published this content on 18 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2020 08:56:01 UTC
Croda International Plc is one of the world's leading producers of specialty chemicals. Net sales break down by market as follows:
- care, health and performance products (87.8%): lipids and surfactants, oils with high concentrations of Omega-3 et -6 essential fatty acids, protein derivatives, lanolin derivatives, emulsifiers, detergents, additives, etc. for use in making personal care products, cosmetics, household cleaning products, crop protection products, water treatment products, etc.;
- industrial specialty products (12.2%): oleochemicals, polymer additives, fatty acid amides, lubricants, etc. used by the plastics, rubber, and other industries.
Net sales are distributed geographically as follows: Europe/Middle East/Africa (40.7%), Asia/Pacific (24.9%), North America (23.4%) and Latin America (11%).