Croda swoops for biotech firm

CHEMICALS business Croda has announced the acquisition of an Italian biotech firm as it posted a 6.3% rise in pre-tax profits.

The company has Istituto Di Richerche Biotechnologiche for around £5.9m and will fold it into its Sederma skin care business.

IRB has 19 staff and last year had a turnover of around £1m.

Croda saw sales for the six months to the end of June grow 2.4% to £572.9m helping pre-tax profits hit £132.6m.

Chairman Martin Flower said: “These are a robust set of results which have been achieved despite challenging trading conditions in Europe. Against strong 2011 comparatives and adverse currency translation, both core business segments have made further progress.
 
“The acquisition of IRB is an important strategic step and follows our commitment to look for leading edge technologies and R&D capabilities that will accelerate growth in our core business.
 
“Croda’s resilient track record of growth rests on our consistent ability to bring innovative, high margin products to market and expand our presence in emerging economies. Assuming no significant change in market conditions in the near term, we remain confident that this strategy will enable us to make further progress in the second half of 2012.”