UK specialty chemicals maker Croda hikes prices to offset higher costs amid Mideast war (updated)
22/04/2026 07:20
Adds details on pricing and share move in paragraphs 4-6, context and background throughout Rolls out first price hikes this month across Asia and select European markets Croda maintains annual and medium-term targets despite largely flat Q1 revenue Consumer care organic sales grow 4%, life sciences unit down 3% By Prerna Bedi April 22 (Reuters) - British specialty chemicals maker Croda International CRDA.L said on Wednesday it is raising prices to offset increases in input costs since the start of the Iran war, which has curtailed global supply chains and driven energy prices sharply higher. The chemicals company, which makes peptides for anti-aging creams and ingredients for the beauty, agriculture and pharmaceutical industries, had already been streamlining operations and tightening procurement in the wake of U.S. tariffs. CEO Steve Foots said on an investor call that the company hiked prices this month across Asia and certain European markets, without taking a "blanket approach" and raising prices differently for different customers. He did not provide more details. The Europe, Middle East and Africa region is Croda's biggest market, accounting for roughly 40% of total revenue, including 5% from the Middle East, followed by Asia with about 25%. North America and Latin America contribute the rest. Croda said that while the Iran conflict had no impact during the first quarter, it was monitoring the situation in the Middle East while passing on costs to clients, as it did last year when tariffs pressured its business. Croda maintained its annual and medium-term targets. Its shares were up 1.3% in early trade. The company said revenue for the three months ended March 31 was largely unchanged from last year on a constant currency basis at 431 million pounds ($583 million), missing at least three brokerages' estimates. While Croda's consumer care unit reported organic sales growth of 4%, helped by strong demand for skincare and makeup ingredients like fragrances and flavours, sales at its life sciences unit dropped 3%. ($1 = 0.7400 pounds) (Reporting by Prerna Bedi in Bengaluru; Writing by Pushkala Aripaka; Editing by Sherry Jacob-Phillips and Emelia Sithole-Matarise) ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))