14 January 2013 16:14 [Source: ICIS news]
LONDON (ICIS)--UK-based Croda has acquired Innovachem, a US-based producer of personal care ingredients, the specialty chemicals company said on Monday.
Croda is to pay $2.8m (€2.1m) in cash for the company, which has a range of patented personal care ingredients in its portfolio.
Innovachem – based in Cutchogue, New York – generated a turnover of around $1.5m in 2012, Croda added.
“The acquisition is an excellent strategic fit for Croda's personal care business, adding a number of new product lines and technologies to its existing portfolio,” the company said in a regulatory filing.
($1 = €0.75)
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