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Chemicals firm Croda unit hit by U.S.-China trade war

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By Reuters
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(Reuters) – Speciality chemicals maker Croda International Plc <CRDA.L> said on Wednesday its personal care unit had been significantly impacted by the trade war between Beijing and Washington and new sales legislation in China.

The company, which counts Unilever Plc <ULVR.L>, Procter & Gamble Co <PG.N> and L’Oreal SA <OREP.PA> as customers, reported a 2.7% fall in pretax profit to 166.2 million pounds for the six months ended June 30, hit by higher interest charge, special dividend and previous investments.

Croda, which logs 96% of sales and 80% of production outside the UK, said it expects its personal care unit’s performance to remain subdued in the United States, while Asia recovers progressively.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta)