Croda International acquires Innovachem

Croda International has acquired the assets of Innovachem for 2.8m dollars, the UK chemicals company announced Monday.

The FTSE 100 company said the deal for the manufacturer and distributor of organic chemicals and chiral cobalt would enhance its offering.

"The acquisition is an excellent strategic fit for Croda's Personal Care business, adding a number of exciting new product lines and technologies to its existing portfolio and enhancing its ability to service customers around the world," Croda said in a statement.

Innovachem, based in Cutchogue New York, reported a turnover of $1.5m in 2012 from its portfolio of patented personal care products.

Croda's shares were down 0.17% at 14:13 Monday.

RD