Croda International PLC (LON:CRDA) said it is starting a strategic review of its performance technologies & industrial chemicals businesses.

The FTSE 100 group will consider whether it is still the best owner for these segments, they should be spun off or sold to another company.

The review, which will conclude by the end of 2021, will focus on those areas that don’t directly support the consumer care and life sciences sectors, which represent 80% of Croda’s profits.

The performance technologies & industrial chemicals arms, instead, cater to the automotive, polymer and food packaging markets.

In terms of trading, Croda said it continues to improve, continuing the trend seen in the second half of 2020.

Customer demand is strong across all regions and sectors, due to a recovery in end-consumer demand or to customer inventory build ahead of anticipated economic recovery.

Shares rose 3% to 6,824p on Wednesday morning.

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