Croda acquires Uniqema from ICI

Published: 1-Aug-2006


Croda has acquired the Uniqema division of ICI for a total consideration of £410m on a cash and debt-free basis. Croda says it will pay ICI £370m in cash and will assume £40m of unfunded post-retirement benefit liabilities on completion, which is expected to take place during the third quarter of 2006

ICI put Uniqema up for sale in February this year and there has been much speculation as to who would buy it.

Croda says the acquisition fulfils a long-term strategic goal for the company whilst strengthening its position in key growth markets, including India. The deal does not include the ICI Pakistan Uniqema business however.

Detailing highlights of the acquisition, Croda says it will: strengthen its position as a leading global oleochemical specialities manufacturer; strengthen its global position in consumer care products; and add complementary products and technologies such as alkoxylates, sunscreens and crop care. The company also expects to be able to build significant synergies and says restructuring will create opportunities for additional earnings improvement. Croda has strategically repositioned its business in recent years and believes a similar strategy “has the potential to unlock significant value following the acquisition”.

Uniqema generated sales of £626m in the year ended 31 December 2005.

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