Croda increases stake in award-winning health tech company
Croda's site in Hull
By Hull Daily Mail | Posted: 4 Jan 2019
Specialist chemicals giant Croda has increased its stake in a multi-award-winning tech company.
The East Yorkshire-headquartered FTSE 100 business will remain a minority shareholder in Cutitronics, but has further pledged its commitment to a growing company it first invested in back in 2017.
Cutitronics’ created a handheld device, CutiTron, which assesses skin health and can apply a product to a specific area.
Dr David Heath, founder of Cutitronics, said Croda’s support had been “invaluable.”
He said: “Today’s announcement marks a milestone in Cutitronics’ journey.
“We are excited to be able to put real pace behind our ambitious plans to grow our team and develop our suite of technologies.
“The support we have received from Croda to date has been invaluable. Continuing this partnership will assist us in progressing our ambitious plans for 2019 and beyond.”
Croda first invested in Cutitronics in July 2017, becoming a minor shareholder.
The increased stake, announced on January 2, will enable the tech company to develop design updates for its CutiTron device.
The device, which assesses skin health and prepares it for the optimum delivery of the skin care formulation it dispatches, provides users with an in-depth analysis of their skin needs.
Sandra Breene, president of personal care & North America at Croda, said: “To be part of Cutitronics at such an exciting time in their development is wonderful.
“We believe that a novel device such as CutiTron, and the wealth of data around skin care routines and consumer behaviour it will provide, will be invaluable for us in creating innovative, sustainable next generation ingredients for the personal care industry.”
Croda is headquartered in East Cowick, near Goole.
It has facilities in Rawcliffe Bridge and in Hull, and is currently investing heavily in its East Yorkshire operations.
Last month, Croda agreed a deal to buy Danish pharmaceutical business Brenntag Biosector for more than £60m.
Croda is also investing £7m in a new state-of-the-art warehouse in Goole.
Located at the Goole 36 Enterprise Park, the warehouse will become Croda’s worldwide distribution hub for products made at its sites in Hull and Rawcliffe Bridge.