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Croda reviews businesses catering to industrial markets

By Reuters

<p><body> <p>(Reuters) -Speciality chemicals group Croda International on Wednesday announced a strategic review of two businesses that cater more to industrial customers as it shifts focus to consumer-care and life-sciences sectors.</p> <p>The London-listed company, which has a contract to supply vaccine delivery components for Pfizer’s <span class="caps">COVID</span>-19 shot, said it would assess whether the full potential of the performance technologies and industrial chemicals units could be delivered under Croda, as standalone businesses, or through a sale.</p> <p>The two units made up about 37% of Croda’s total revenue in 2020 and while its life sciences business outperformed last year despite the pandemic, its other units had seen a slide in sales.</p> <p>Croda has been refining its performance technologies unit, the larger of the two businesses under review, focussing on high-tech markets including electric vehicles and renewable technology, and reducing exposure to cyclical markets such as oil and gas and automotive application.</p> <p>Croda said in April it was expanding manufacturing capabilities at two sites that make additives used in Pfizer’s <span class="caps">COVID</span>-19 vaccine, raising its sales forecast from its five-year contract with the drugmaker.</p> <p> (Reporting by Yadarisa Shabong in Bengaluru;Editing by Vinay Dwivedi)</p> </body></p>