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Croda International PLC - East Yorkshire-based speciality chemicals firm - Completes €775 million sale to a UK-based subsidiary of Minnesota-based food corporation Cargill Inc, which was first agreed in December.
Croda, which is transitioning to a Consumer Care and Life Sciences company, sold the majority of its Performance Technologies and Industrial Chemicals businesses to Surrey-based Cargill Velocity Holdings Ltd on a cash-free, debt-free basis.
Chief Executive Steve Foots says: ‘This divestment accelerates Croda's transition to being a pure-play Consumer Care and Life Sciences company. We will redeploy capital and resources to scale our consumer, health and crop care technologies, helping to deliver consistent, superior sales growth and even stronger profit margins.’
Current stock price: 6,458.00 pence, down 0.2% on Friday
12-month change: down 12%
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