Croda plans strategic review of chemicals

12th May 2021

Croda plans strategic review of chemicals

Croda International has announced a strategic review of its Performance Technologies and Industrial Chemicals (PTIC) businesses during the course of this year, with a view to deciding on the best ownership structure for them in the longer term. Full or partial divestment or a spin-off are all options.

Croda is now overwhelmingly focused on the consumer care and life sciences sectors, which account for over 80% of its profits and are also enjoying faster growth than any other markets it serves. For this reason, it is already investing mostly heavily in these areas. The review will focus on the parts of PTIC active in other areas, such as plastics recycling, electric vehicles and other renewable technologies.

Earlier, Croda ranked top in the Most Sustainable International Company rankings for companies headquartered outside the US. This was carried out by responsible investment management firm Calvert Research & Management, and analysed more than 230 key performance indicators of environmental, social and governance performance.

Croda has also received Platinum status from corporate social responsibility (CSR) consultancy Ecovadis. This places it in the top 1% of all companies in both the chemicals sector and among all of the 75,000 companies that were assessed in 200 industries. It achieved advanced CSR practices in three of the four categories of Environment, Labour & Human Rights, Ethics and Sustainable Procurement.

Separately, Croda’s recently acquired subsidiary in Spain, Iberchem, has agreed to acquire French fragrance house Parfex. Based at Grasse in France and employing 75 people, Parfex makes fragrances for applications in the personal care and fine perfumery market. Going forward, the company will retain its independent identity and structure, while also drawing on Croda’s and Iberchem’s technical expertise, financial support and sales networks.

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