Croda International has completed the acquisition of cosmetic actives producer Solus Biotech following unconditional approval from South Korean regulatory authorities.
This follows the announcement on 6 February that Croda had reached an agreement to acquire the Korean firm from Solus Advanced Materials for 350 billion Korean won ($269m).
Solus, which employs 95 people at its R&D centre in Bundang near Seoul and its production centre in Iksan, is a leading supplier of naturally derived powder ceramides.
Following the acquisition, Solus will expand Croda’s Asian manufacturing capability and create a new biotechnology R&D hub in the region, working in synergy with Sederma’s R&D center in LePerray, France.
The acquisition will also boost Croda’s total offering across its personal care portfolio, with Solus’ phospholipids to be incorporated into Croda’s skin care and hair care franchises, sitting together across other leading formulation and product platforms.
“This is a very exciting opportunity for Croda. Our existing ceramides, currently from Sederma, will be complemented by these natural fermentation-derived ceramides, furthering our portfolio of high efficacy science-based ingredients,” said Sederma global business director Luc Emprin.
“We are pleased to add Solus' manufacturing site in South Korea to our operations, furthering our growth strategy for this key region. Innovation synergies between our different R&D labs will bring additional technical value and business opportunities for our customers all over the world,” he added.