Italian disposal for Croda

SPECIALITY chemicals business Croda has sold an operation in Italy to a company in the country.

The Goole-based business today said it had offloaded the operation, based in Cremona, for a sum equivalent to its working capital value.

The business was acquired alongside Uniqema in 2006 and is focused on the manufacture of products for the performance technologies – which includes additivies for polymers and processed vegetable oils – and industrial chemicals sectors.

In the first nine months of the year it had a turnover of £25.4m and made an operating loss of £100,000.

Croda, which posted a 6.3% rise in pre-tax profits to £132.6m in July, also said trading across the group over the third quarter of the year had been “robust”.
 
Chairman Martin Flower added: “Quarter four has started well. However, with the market remaining weak, particularly in Europe, and currency headwinds, we expect a similar performance in quarter four to that seen in the third quarter.

“Looking further forward, the board remains confident that Croda has the right strategy for continued growth.”

Continuing operating profit increased 4.7% to £59.7m and continuing pre-tax profit was up 4.4% to £59.3m over the period.