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Croda has sold its lubricants business to US company Lubrizol for £62m.
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The face cream manufacturer will use the proceeds to pay down debt. Paul Walsh, analyst at Morgan Stanley, said the disposal price of 1.6 times sales was "high" and better than expected. The company also held an investor day this week at its Gouda plant in Holland.
At 670p the shares remain good value.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
