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Beiersdorf buying Coppertone sun care
Posted on Tuesday, 14 May 2019 12:03
Germany’s Beiersdorf has reached an agreement to acquire Bayer’s Coppertone sun cream operations for USD 550.00 million. Under the terms of the deal, the Nivea manufacturer is picking up the global product rights, taking over 450 personnel in the US, Canada and China, and a production facility in Cleveland, Tennessee. Coppertone is headquartered in New Jersey and generated sales of USD 213.00 million in 2018. Beiersdorf is entering the world’s largest sun care market, while strengthening its presence in North America, where it already operates four other brands – Nivea, Eucerin, Aquaphor and La Prairie. Stefan De Loecker, chief executive of the acquiror, said: “This transaction demonstrates our commitment towards competitive, sustainable growth and investment in skin care outlined in the new C.A.R.E.+ strategy. “[…] We are convinced that Coppertone and its team will add complementary expertise to our leading brand portfolio and significantly strengthen our position particularly in the US.” The deal is subject to approval by the competition authorities and is expected to close in the third quarter of 2019. Bayer is looking to cut debt from the disposal of Coppertone, which was assumed from its USD 63.00 billion acquisition of Monsanto in June last year. It has been weighing a sale of the target, as well as Dr Scholl’s and other operations since November. Bayer will now focus on building its core over-the-counter brands like Asprin and Berocca vitamins. Hamburg-headquartered Beiersdorf is a leading provider of consumer products with around 20,000 employees worldwide and sales of around EUR 7.20 billion in fiscal 2018. According to Zephyr, the M&A database published by Bureau van Dijk, there have been 94 deals targeting toilet preparation manufacturers announced worldwide in the year to date. The largest of these involves JAB Holding picking up cosmetics group Coty for USD 1.75 billion. Unilever, Elemis, Symrise and Zydus Wellness, among others, have also been targeted so far in 2019. © Zephus Ltd