19 November 2020 – 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 (c.£736m) 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, extensive portfolio of F&F products 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.”
Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world’s biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere. They have a network of over 4,500 passionate and committed employees, working together as one global team across manufacturing sites and offices in 38 countries. Croda is a FTSE100 company with a flexible structure that allows them to focus on developing and delivering innovative, sustainable ingredients that their customers can build on in: Personal Care, Health Care, Crop Care, Smart Materials, Energy Technologies, Home Care and Water and Industrial Specialities.
For more information, please visit: www.croda.com
About Iberchem Group
Headquartered in Murcia, Spain, and selling in more than 120 countries, the Iberchem Group has a unique fast-to-customer business model, and benefits from 14 manufacturing facilities across the world. With more than 850 employees, the Group operates under two different divisions: Iberchem for fragrances and Scentium for food flavours. Iberchem Group has grown consistently year-on-year since 2010, with a revenue CAGR of 15% over the last ten years.