Croda International, the Snaith, East Yorkshire-based FTSE 100 firm, said it has completed the £667 million divestment of the majority of its performance technologies and industrial chemicals businesses to a wholly owned subsidiary of Cargill Inc.

Croda said the divestment completes its transition to a “pure-play Consumer Care and Life Sciences company.”

The company said: “Croda International Plc, which uses smart science to create high performance ingredients and technologies that improve lives, today announces the completion of the divestment of the majority of its Performance Technologies and Industrial Chemicals businesses to a wholly owned subsidiary of Cargill Inc, as more fully described in Croda’s initial announcement on 22 December 2021.

“The gross proceeds will be approximately €775m (approximately £667m), subject to small, customary adjustments for cash and debt-like instruments, and working capital, in line with the earlier announcement.

“The divestment and the associated proceeds exclude Croda Sipo, a Chinese joint venture in which Croda has a 65% shareholding.

“Croda continues to discuss with its joint venture partner the acquisition of its stake in Sipo, to enable a subsequent sale by Croda to Cargill of 100% of Sipo for €140m.”

Croda CEO Steve Foots said: “This divestment accelerates Croda’s transition to being a pure-play Consumer Care and Life Sciences company.

“We will redeploy capital and resources to scale our consumer, health and crop care technologies, helping to deliver consistent, superior sales growth and even stronger profit margins.”