Croda snaps up Chinese firm

Chemicals business Croda is buying a 65 per cent stake in China’s Sichuan Sipo Chemical Co, a specialty firm based in the Sichuan province. The deal, worth £38.2m, will give Croda a foothold in the country’s lucrative car lubricants market. Croda’s European performance technologies division has been hit by a slowdown in the European car market, and posted revenues down almost one per cent at £100.8m for the second quarter.