UK’s Croda Opens Office in Iran
UK specialty chemicals producer Croda has opened a new office in the Iranian capital of Tehran. The Hull, England-based company said the Croda Pars office, which will cater to the markets of geo technologies, lubricants, polymer additives and crop care, builds on a long-standing relationship with the Middle East country dating back to 1982.
Explaining the decision to establish its own presence after having been represented for 34 years by the Dr. Arakalian agency, Croda said accelerated growth in Iran can only come through implementing a focused strategy, adding that –with US sanctions now lifted– it sees “many opportunities” there.
The new site adds to corporate bases in 35 countries worldwide and fits with Croda’s self-declared strategy of, wherever possible, having local teams on the ground backed up by a global support network of innovation centers, technical laboratories and manufacturing sites. The company said its business team in Iran has a “strong understanding” of the local market and of customers’ needs, along with a cultural awareness that can only be attained by living in the country.
Since the sanctions against Iran were lifted early this year, several European countries, especially from the petrochemicals sector, have announced a re-engagement. Some worry, however, that with the election of Donald Trump as US president relations could turn icy again. Trump has vowed to reverse or renegotiate the nuclear pact that led to the sanctions being lifted, despite five other major powers – along with Iran, Russia, China, the UK, France and Germany – ratifying the deal and the United Nations Security Council endorsing it.