- Chemical company Croda said its fragrances and flavours subsidiary, Iberchem, had agreed to acquire Parfex, a fine fragrance business based in Grasse, France, for €45 million.

Parfex, established in 1985, creates fragrances principally for premium personal care and fine perfumery markets and generated €3.6m earnings before interest, taxes, depreciation, and amortisation, or EBITDA, in 2020.

'We believe that transitioning to more natural raw materials is a potential differentiator in the fragrance market,' the company said.

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