(Alliance News) - Croda International PLC on Wednesday said it will bolster its fragrances business with a EUR45 million French acquisition.
Croda's Iberchem unit has agreed to buy Parfex SA, a fine fragrance firm based in Grasse, France. Iberchem itself was acquired by Croda back in November for EUR820 million.
Parfex uses natural raw materials in its fragrances, Croda noted.
Croda Chief Executive Officer Steve Foots said: "We believe that transitioning to more natural raw materials is a potential differentiator in the fragrance market. Parfex will play an important role in Iberchem's plans to increase its sustainable fragrance offerings and further enhances our position in the creation of higher-value fine fragrances."
The deal is set to close by the conclusion of the second quarter of 2021.
Croda shares were flat at 6,409.16 pence each in early trading in London on Wednesday.
By Eric Cunha; ericcunha@alliancenews.com
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Croda International (CRDA)