Croda International PLC
20 June 2002
Thursday, 20 June 2002
Croda International Plc
As a further step in its transformation into a highly specialised Oleochemicals
company and the planned rationalisation of its business, Croda International Plc
('the Group') announces its withdrawal from the Textile Chemicals, Solvent
Recovery and Varnish Media markets.
As a consequence the related manufacturing sites comprising Brookstone, Leek;
Knottingley, West Yorkshire and Air Street, Hull will be closed or sold within
the current financial year.
The withdrawal from these markets is expected to result in an exceptional charge
on discontinuance of approximately £17 million, of which £5.2m represents
goodwill previously written off, £8.8m is a write down of assets and £3m is a
These businesses had combined sales of £11.5m in 2001.
In addition, the consolidation of the UK business continues with the closure of
the Westbrook Lanolin facility in Bradford and the transfer of production to the
Group's site at Rawcliffe Bridge, East Yorkshire and the closure of its
rendering site at Market Harborough, Leicestershire. This will result in an
operating exceptional charge of £1.9m.
For further information, please contact:
Mike Humphrey, Chief Executive Tel: 01405 860551
Barbara Richmond, Group Finance Director Tel: 01405 860551
Sian Saunders, Financial Dynamics Tel: 0207 831 3113
This information is provided by RNS
The company news service from the London Stock Exchange