Croda enters the Fragrance market with the acquisition of Iberchem
Speciality Chemical company ‘Croda’ has announced the acquisition of Iberchem , a leading global F&F company, for a total consideration of €820m. Founded in 1985 , the company is headquartered in Murcia, Spain. It has 14 manufacturing facilities, 10 R&D centres and a commercial presence in 120 countries. Approximately 80% of its sales are fragrances for Personal Care and Home Care products, areas where it has a similar customer profile to Croda. A further 20% of sales are generated by its Scentium flavours business, principally for food, pharmaceutical and oral care applications. In recent years , Iberchem has significantly reinforced its position as a leading global producer of fragrances and flavours focusing on local and regional brands in high-growth international markets, especially in Asia, Latin America, the Middle East and Africa.
According to Euromonitor, the global fragrance market is expected to reach an estimated US$58.8 billion by 2024 with a compound annual growth rate of 5.6% . With the Iberchem acquisition, Croda gets access to the global fragrances and flavours market with significant exposure to emerging markets. Croda says Iberchem will operate as an independent entity but with extensive support from the group,’replicating the successful model adopted following the acquisition of Sederma in the late 1990’s.’
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