Croda International (CRDA)

Sector:

Industrial Chemicals

Index:

FTSE 100

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4,682.00p
   
  • Change Today:
      2.00p
  • 52 Week High: 5,447.71
  • 52 Week Low: 4,575.95
  • Currency: UK Pounds
  • Shares Issued: 131.79m
  • Volume: 99,161
  • Market Cap: £6,171m
  • RiskGrade: 95
  • Beta: 0.00

Croda adjusts intentions with Plant Impact post-acquisition

By Josh White

Date: Friday 26 Oct 2018

LONDON (ShareCast) - (Sharecast News) - Croda International subsidiary Croda Europe announced on Friday that, further to the completion of its recommended cash offer for the entire issued and to-be-issued ordinary share capital of Plant Impact, its board of directors had taken "certain necessary courses of action" which differed from the company's statements of intent made at the time of the acquisition.
The FTSE 100 company completed the acquisition by way of a scheme of arrangement on 28 March.

As it had set out in the offer documentation, it was the Croda Europe board's intention, following completion of the offer, to undertake an exercise to evaluate the market positioning and strategy of Plant Impact and how best to integrate Plant Impact, its activities and employees into the wider Croda group.

Croda said that evaluation exercise was now complete, and its findings had necessitated "certain changes" to the original stated intentions, in order to best utilise Plant Impact's technology, skills and wider employee base and position the business effectively to address its end markets in a sustainable way.

"These internal changes will have no impact on existing business, customer service levels or Croda's fundamental rationale for the acquisition," Croda said in its statement on Friday.

"Overall the integration programme has been positive, with the majority of Plant Impact's employees being successfully integrated into the wider Croda group, which employs more than 4,300 people globally."

Croda said it had identified a "specific need" to change Plant Impact's commercial strategy and the route to market in Brazil.

As a result, it was intended that there would be a reconfiguration of the sales force together with an associated redundancy programme in relation to Plant Impact's agricultural sales team in Brazil.

"Following this programme, Plant Impact's business in Brazil will operate from local offices of the Croda group and the lease on the Plant Impact office in Brazil will not be required and therefore will not be renewed," the board said.

"The net impact of Croda's integration plans on Plant Impact Brazil is likely to be a reduction of nine roles."

As part of its broader global activities, Croda said it remained "positive" about the prospects for Plant Impact's business, and was continuing to invest resources, time and capital in several areas such as research and development activity aimed at sustainable long-term growth.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CRDA Market Data

Currency UK Pounds
Share Price 4,682.00p
Change Today 2.00p
% Change 0.04 %
52 Week High 5,447.71
52 Week Low 4,575.95
Volume 99,161
Shares Issued 131.79m
Market Cap £6,171m
Beta 0.00
RiskGrade 95

CRDA Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.27% below the market average94.27% below the market average94.27% below the market average94.27% below the market average94.27% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
6.57% above the market average6.57% above the market average6.57% above the market average6.57% above the market average6.57% above the market average
42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average
Income
75.85% below the market average75.85% below the market average75.85% below the market average75.85% below the market average75.85% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Growth
31.58% below the market average31.58% below the market average31.58% below the market average31.58% below the market average31.58% below the market average
47.37% below the sector average47.37% below the sector average47.37% below the sector average47.37% below the sector average47.37% below the sector average

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Neutral 10
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Strong Sell 3
Total 18
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CRDA Dividends

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Ex-Div 22-Aug-19 11-Apr-19
Paid 02-Oct-19 30-May-19
Amount 39.50p 49.00p

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CRDA Key Personnel

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