Croda International Plc (‘Croda’), the speciality chemical company that uses smart science to create high-performance ingredients and technologies that improve lives, and Iberchem, a leading global fragrances and flavours company, this week announced their future together. Croda has agreed to acquire Iberchem, which is headquartered in Spain for a total consideration of €820m on a debt-free, cash-free basis. Iberchem has been majority-owned by French investment firm Eurazeo since 2017.
The complementary operations of the two companies, combined with an ambitious growth synergy programme, is set to create additional value for customers. Many customers require both ingredients and fragrances and can expect to benefit from collaborative thinking and full formulation development made possible by this acquisition.
Iberchem will remain an independent entity with extensive support from Croda, continuing to serve its customers while collaborating with Croda teams on cross-selling and other revenue synergy opportunities. “We are pleased to join the Croda family and therefore strengthen our business offer,” said Ramón Fernández, CEO of Iberchem. “Not only are Croda and Iberchem’s activities complementary, but also both companies have grown and expanded their activities on a similar vision and core values. The preservation of the Iberchem identity, the reason why our customers place their trust in us on a daily basis, was of paramount importance for the management team, and we are pleased how understanding Croda has been on this aspect. We are delighted to embark on this exciting new adventure.”
Steve Foots, CEO of Croda observed that “We have known Iberchem Group’s senior team and their business for many years. This fabulous organisation stands out from its peers with its strong exposure to emerging markets, an extensive portfolio of F&F products are well placed to adapt to sustainability trends, strong R&D capability and its consistent track record of year-on-year growth over the last decade. By bringing our businesses together, we are creating a new, full service offering to our customers in Consumer Care markets and a compelling platform from which to grow the combined business in the years ahead. We look forward to welcoming our new colleagues to Croda and leveraging our respective networks and expertise.”
