Specialty chemicals company Croda International Plc. (CRDA.L) said that it agreed to sell the majority of its Performance Technologies and Industrial Chemicals or "PTIC" businesses to Cargill Velocity Holdings Limited, a wholly owned subsidiary of Cargill Inc, for an enterprise value of 915 million euros or about 778 million pounds on a cash-free, debt-free basis.
The consideration of 915 million euros includes 100% of Sipo in the divested business. If the sale of 100% of Sipo cannot be realised, Sipo will be excluded from the sale, reducing the consideration by 140 million euros.
Croda plans to reinvest proceeds from the transaction into faster growth areas, increasing its exposure to health care and further developing its position as a sustainability leader in consumer care and crop care markets.
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