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Croda to Sell U.S. Oleochemicals Business to Private Equity Firm

5:23 AM MDT | May 8, 2008 | Kerri Walsh

Croda International (Goole, U.K.) says it has agreed to sell its U.S. oleochemicals business (Chicago) to private equity firm HIG Capital (Miami) for £46.7 million ($91.5 million). The oloechemicals business supplies fatty acids and glycerine to the personal care, household, and industrial formulated products. Croda says it will use proceeds from the deal to pay down debt. Of the total selling prices, about £38 million will be paid in cash, and the balance will be paid through a loan, Croda says. The oleochemicals business reported operating income of £4.6...

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