Colgate-Palmolive, the household and personal care giant, has announced it has signed an agreement to acquire the Filorga skin care business for an equity purchase price of €1.496 billion (approximately $1.690 billion).
The US firm said the deal, which is expected to close in the third quarter of 2019, was part of its strategy to focus on its higher-margin oral care, personal care and pet nutrition businesses, and expand its portfolio in premium skin care.
Filorga is an anti-aging skin care brand focused primarily on facial care, with distribution in pharmacy, and online channels, as well as in specialty stores and travel retail. Originally founded in France in 1978, the brand is now sold in over 60 countries with its largest markets being France, Italy, Spain and Greater China.
Commenting on the deal, Colgate president and CEO Noel Wallace said: “Filorga is a strong, premium-priced brand with distinctive positioning that fits well within our long-term personal care growth strategy. We are excited that this acquisition will add a high-growth, profitable, global skin care asset to the Colgate portfolio with the opportunity to drive continued growth through expanded distribution and awareness. This acquisition also provides Colgate entry into the fast-growing and sizeable travel retail channel, particularly in Asia”.
Source: Colgate-Palmolive (via BusinessWire)