Croda International PLC
27 February 2001
Croda International Plc
Croda International exits Resins for £20m
Croda International Plc announced the sale of its worldwide Resins business to
Cray Valley Ltd, a subsidiary of the TotalFinaElf Group for a cash
consideration of £17m paid on completion. In addition Croda is retaining
certain assets with a book value of £2.8m for disposal, the primary one being
the site at Belvedere, Kent, which is to be vacated shortly.
Croda Resins currently operates from three sites, Speke and Belvedere in the
UK and Beranang, Malaysia. The business made an operating profit of £1.4m in
the year to 31 December 1999 and net assets, which are included in the
transaction, of £10.3m at that date.
The proceeds will initially be utilised in reducing borrowings and in the
medium term for the further development of the Group's core business.
For further information, please contact:
Mike Humphrey, Chief Executive Tel: 01405 860551
Barbara Richmond, Group Finance Director Tel: 07767 252627
Tom Baldock, Financial Dynamics Tel: 0207 831 3113