THE WHAT? Croda has announced that it has agreed to acquire Solus Biotech from Solus Advanced Materials for KRW350 billion on a debt-free, cash-free basis. The deal is subject to regulatory approval.
THE DETAILS Located in South Korea, Solus expands Croda’s Asian manufacturing capability and will create a new biotechnology R&D hub in the region.
THE WHY? This acquisition will significantly strengthen Croda’s Beauty Actives portfolio and increases its exposure to targeted prestige segments. Steve Foots, Chief Executive of Croda, commented, “This is a strategic bullseye for Croda, consolidating our position as a global leader in supplying sustainable, natural actives for personal care across three critical technology platforms of peptides, ceramides and retinol. It significantly enhances our sustainable biotechnology capabilities and adds a North Asia manufacturing and innovation facility, providing a springboard to premium markets in Asia and beyond. I am especially excited about their brilliant technology, with Solus bringing rich IP and proprietary know-how that we will be able to deliver to customers globally.”