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Croda International
Croda International plc is a British speciality chemicals company based at Snaith, England. It is listed on the London Stock Exchange.
The company was founded by George William Crowe and Henry James Dawe in 1925. Crowe bought an abandoned waterworks facility at Rawcliffe Bridge for £7, which would later be used to manufacture the company's first barrels of lanolin, a natural protective fat present in sheep's wool. The company was named Croda (a combination of the first few letters of his surname with that of his partner, Dawe).
Crowe and Dawe began working on a process to extract lanolin from sheep’s wool for various industries, including uses in cosmetics, as a waterproofing agent, and as a dressing for leather. At the time, the UK imported lanolin, having no domestic lanolin production at all. Dawe's extraction process failed initially and Dawe left the company. Philip Wood, Crowe's nephew, was appointed manager of the site in 1925, and Wood worked closely with a Belgian chemist to develop a new extraction process. By the end of the year Croda had successfully produced its first batch of lanolin.
The company struggled to remain profitable to the end of the decade until a report from the National Physical Laboratory was published describing the rust prevention properties of lanolin, which created new business opportunities for the company. The lanolin market was still in its infancy as the World Depression began to take hold in Britain, but Croda was able to expand their domestic market and exports through the 1930s as Wood refined Dawe's production process and gradually developed a wider range of product applications for lanolin.
During the Second World War, Croda participated in Britain's war economy; specifically, it was involved in the production of camouflage paints, gun lubricants and cleaning oils, insect repellents, and various other resources that were needed across the British Empire. It was in the aftermath of the Second World War that the firm turned to the cosmetics sector.
During 1949, Phlip Wood died; thereafter, the board decided to run the business by committee while Wood's son Fred Wood was appointed sales director. One year later, Fred relocated to New York to set up the company's US subsidiary, Croda Inc. In 1953, Fred returned to the UK and was appointed Croda's managing director at the age of 27. Under Fred Wood's management, Croda experienced a sustained period of rapid growth. During the 1950s, several major cosmetics companies started using its products; at the same time, the firm also began to expand internationally: it moved to its present location in 1956. During 1957, Croda Inc. acquired Hummel Chemical Company and began manufacturing in a new plant in Newark, New Jersey.
In 1964, the company was listed on the London Stock Exchange for the first time. Throughout the 1960s, it expanded rapidly; to this end, it acquired United Premier Oil in 1967 and British Glues & Chemicals in 1968. During 1970, Croda acquired L&H Holdings and A B Fleming for ink and synthetic resin production and acquired Midland-Yorkshire Tar Distillers in 1975.
In 1990, it developed Lorenzo's oil, a product famously used to treat adrenoleukodystrophy. In July 1997, Croda acquired the Paris-based STOA Group for $66 million. One year later, the firm bought Westbrook Lanolin.
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Croda International
Croda International plc is a British speciality chemicals company based at Snaith, England. It is listed on the London Stock Exchange.
The company was founded by George William Crowe and Henry James Dawe in 1925. Crowe bought an abandoned waterworks facility at Rawcliffe Bridge for £7, which would later be used to manufacture the company's first barrels of lanolin, a natural protective fat present in sheep's wool. The company was named Croda (a combination of the first few letters of his surname with that of his partner, Dawe).
Crowe and Dawe began working on a process to extract lanolin from sheep’s wool for various industries, including uses in cosmetics, as a waterproofing agent, and as a dressing for leather. At the time, the UK imported lanolin, having no domestic lanolin production at all. Dawe's extraction process failed initially and Dawe left the company. Philip Wood, Crowe's nephew, was appointed manager of the site in 1925, and Wood worked closely with a Belgian chemist to develop a new extraction process. By the end of the year Croda had successfully produced its first batch of lanolin.
The company struggled to remain profitable to the end of the decade until a report from the National Physical Laboratory was published describing the rust prevention properties of lanolin, which created new business opportunities for the company. The lanolin market was still in its infancy as the World Depression began to take hold in Britain, but Croda was able to expand their domestic market and exports through the 1930s as Wood refined Dawe's production process and gradually developed a wider range of product applications for lanolin.
During the Second World War, Croda participated in Britain's war economy; specifically, it was involved in the production of camouflage paints, gun lubricants and cleaning oils, insect repellents, and various other resources that were needed across the British Empire. It was in the aftermath of the Second World War that the firm turned to the cosmetics sector.
During 1949, Phlip Wood died; thereafter, the board decided to run the business by committee while Wood's son Fred Wood was appointed sales director. One year later, Fred relocated to New York to set up the company's US subsidiary, Croda Inc. In 1953, Fred returned to the UK and was appointed Croda's managing director at the age of 27. Under Fred Wood's management, Croda experienced a sustained period of rapid growth. During the 1950s, several major cosmetics companies started using its products; at the same time, the firm also began to expand internationally: it moved to its present location in 1956. During 1957, Croda Inc. acquired Hummel Chemical Company and began manufacturing in a new plant in Newark, New Jersey.
In 1964, the company was listed on the London Stock Exchange for the first time. Throughout the 1960s, it expanded rapidly; to this end, it acquired United Premier Oil in 1967 and British Glues & Chemicals in 1968. During 1970, Croda acquired L&H Holdings and A B Fleming for ink and synthetic resin production and acquired Midland-Yorkshire Tar Distillers in 1975.
In 1990, it developed Lorenzo's oil, a product famously used to treat adrenoleukodystrophy. In July 1997, Croda acquired the Paris-based STOA Group for $66 million. One year later, the firm bought Westbrook Lanolin.