has finalised its purchase of personal care brand Sanex from Unilever for 672 million (approximately $AU911m).
The deal to purchase the brand was signed and announced in March this year, with finalisations to the agreement being made without any hitches.
"We are excited to move forward on this strategically important acquisition that will strengthen Colgate's positions in the shower gel and deodorant categories in Europe and our overall personal care business in that region," says Colgate CEO Ian Cook.
The European Commission forced Unilever to sell Sanex as a result of its acquisition of Alberto Culver.
"The deal is in response to the European Commission's requirement that Unilever divest the Sanex brand [which had] net sales of 187m in 2010, primarily in Western Europe," says Unilever.
In March, Unilever entered an agreement to acquire Colgate-Palmolive’s laundry detergent brands in Colombia.
We are pleased to be divesting Sanex in what we consider to be a very attractive deal for Unilever,” says Unilver’s president categories Michael Polk.
Our focus is on bolt-on acquisitions that can strengthen our existing portfolio and geographic presence, and help Unilever move closer to achieving our overall ambition of doubling the size of the business.”
