Croda Buys Iberchem for $973 Million in Fragrance Expansion (1)

Croda International Plc agreed to buy Iberchem for 820 million euros ($973 million) as Europe’s largest cosmetic-ingredients maker expands into the hotly contested market of fragrances.

The maker of sunblock chemicals and pharmaceutical additives said Wednesday it plans to raise 600 million pounds ($798 million) in equity to help pay for the purchase of the asset from private equity firm Eurazeo SE. Bloomberg earlier reported Croda was lining up funding for a deal and that Iberchem was a target.

In buying Murcia, Spain-based Iberchem, Croda is turning the tables on fragrance makers that have been expanding on its turf. ...