Speciality chemicals company Croda International has agreed to acquire flavours and fragrances company, the Iberchem Group, for a total consideration of €820 million.
Headquartered in Murcia, Spain, the Iberchem Group operates under two different divisions: Iberchem for fragrances and Scentium for food flavours.
The group, which has 14 manufacturing facilities and more than 850 employees, has been majority owned by French investment firm Eurazeo since 2017.
Following the acquisition, Iberchem will remain an independent entity while collaborating with Croda teams on cross-selling and other revenue synergy opportunities.
Commenting on Croda’s acquisition of Iberchem Group, Croda CEO Steve Foots said: “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 research and development capability, and its consistent track record of year-on-year growth over the last decade.
“We look forward to welcoming our new colleagues to Croda and leveraging our respective networks and expertise.”
Ramón Fernández, CEO of Iberchem, added: “We are pleased to join the Croda family and therefore strengthen our business offer. 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.”
© FoodBev Media Ltd 2020
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