Croda to divest Italian business; posts higher profits

Croda International (Snaith, UK) says it has agreed to sell its Italian business to an undisclosed private company, based in Italy, "for a consideration equivalent to the working capital value." The deal is expected to close by year-end. Croda's Italian business is based at Cremona and specializes in the manufacture of basic products for Croda's performance technologies and industrial chemicals divisions. Croda purchased the business in 2006 as part of the acquisition of Uniqema from the former ICI. The Italian business broke even in the third quarter...

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