Croda International Plc (CRDA.L), a British speciality chemicals firm, said on Monday that it has agreed to acquire Solus Biotech, a South Korean provider of biotechnology-derived beauty actives, from Solus Advanced Materials, for KRW350 billion or around 232 million pounds, on a debt-free, cash-free basis.
Steve Foots, CEO of Croda, said: "This is a strategic bullseye for Croda, consolidating our position as a global leader in supplying sustainable, natural actives for personal care across three critical technology platforms of peptides, ceramides and retinol. It significantly enhances our sustainable biotechnology capabilities and adds a North Asia manufacturing and innovation facility, providing a springboard to premium markets in Asia and beyond..."
Croda's technical and innovation capabilities, particularly in formulation and global selling network, will give a boost Solus and its products.
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