1st Dec 2015 07:39
LONDON (Alliance News) - FTSE 250-listed specialty chemicals company Croda International PLC on Tuesday said it has struck a deal to acquire Netherlands-based Incotec Group BV for EUR155.0 million, including debt.
Incotec, based in Enkhuizen, develops and supplies technologies for vegetable seeds and field crops. In the financial year ended September 30, it had revenue of EUR71 million.
Croda expects the deal to complete this week and said the acquisition will strengthen its crop care business division, adding seed enhancement technologies to its portfolio.
"Incotec is a rare asset in a niche, high value, fast growing sector of the global crop market," said Steve Foots, Croda's chief executive. "The combination with our own Crop Care business creates a strong and unique platform for future growth."
By Sam Unsted; [email protected]; @SamUAtAlliance
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