FTSE 100-listed chemicals manufacturer Croda International has completed the acquisition of the Specialty Products business of Arizona Chemical.
Under the terms of the transaction, no manufacturing assets will be acquired and Croda said it would immediately commence the relocation of products to its Mevisa manufacturing site in Spain. When ready, it said it would re-launch the products with new trade names and marketing identities.
Croda said that the acquisition added a portfolio of "class-leading oil gelling polymers" to its business and further expanded its footprint in the polymers arena. The company added that the technologies and products of the acquired business were naturally derived polyamides with a high bio-renewable content, covered by a range of patents.
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Keith Layden, Chief Technology Officer at Croda, said: "This acquisition represents further progress in our strategy to acquire complementary new technologies."
He added: "The varied functionality of these specialised polyamides will be a valuable addition to our offerings across both the consumer care and performance technologies market sectors. In addition, there are a number of opportunities to further differentiate the technology and create value for ourselves and our customers."
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