Consumer goods firm Beiersdorf has announced that it has completed the acquisition of American sun care brand Coppertone from Bayer.
The acquisition will boost Beiersdorf's sun care portfolio, which already includes global brands like Nivea and Eucerin.
'An Important Milestone'
Chief executive officer of Beiersdorf, Stefan De Loecker, described the acquisition as "an important milestone" in the implementation of the company's C.A.R.E.+ strategy.
"With this acquisition, we are gaining access to the world’s largest sun protection market – the United States. We are convinced that this step will enable us to significantly accelerate our growth and presence particularly in North America," he explained.
The transaction, valued at US$550 million (€503 million), was first announced in May of this year.
Beiersdorf will integrate around 450 Coppertone employees in the United States, Canada and China including sales, marketing, research and development professionals, as well as employees in the company's production centres in Cleveland, Tennessee.
'Growth Potential'
"We are pleased to welcome Coppertone with its highly dedicated, experienced employees to the Beiersdorf family," Stefan De Loecker said. "Together, we will continue to develop this strong, iconic brand and leverage the growth potential of our global sun care business."
In 2018, Coppertone generated sales of €181 million in the United States.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
