Uniqema is a global manufacturer and supplier of base oleochemicals and specialities used as additives in a wide variety of consumer care markets.
According to Croda, the acquisition strengthens its position as a leading global oleochemical specialties manufacturer and its global position in consumer care products, and brings complementary products and technologies such as alkoxylates and sunscreens. Furthermore it strengthens Croda's presence in key growth markets such as India.
ICI took the strategic decision in February to divest Uniqema. At the time, ICI chief executive John McAdam stated that there was no compelling need to divest Uniqema, but if there was scope to realize value from a sale, ICI would have several attractive opportunities to invest the proceeds in other parts of ICI.
"We are pleased with the outcome of this sale process, and we are confident that we can deploy these resources into other parts of ICI which we believe can generate greater strategic and financial returns for our shareholders,” said Mr. McAdam following the acquisition.
The transaction is subject to approval by Croda shareholders, regulatory approval and employee consultation. In the case of the Uniqema business within ICI India Limited, the transaction is subject to its shareholders’ approval. The Uniqema business within ICI Pakistan Limited will not be part of the transaction.
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