Germany-based household and personal care firm Henkel has announced the closing of the acquisition of Sun Products on September 1st 2016.
The initial agreement to purchase all shares was signed in late June for $3.6 billion including debt. The purchase of the US-based company includes brands such as All laundry detergent, stain removers and fabric softeners and Sun laundry and dish detergents, as well as fabric softener label Snuggle. Sun Products, which also develops retail laundry brands in Canada and the USA, generated about $1.6 billion in total sales in 2015.
“The acquisition of Sun Products is a major strategic move for Henkel and a step change for our business in North America”, said Henkel CEO Hans Van Bylen. “We reach a No. 2 position in the North American laundry care market. With a transaction volume of around 3.2 billion Euros this is the second-largest acquisition in Henkel’s history”.
Source: Henkel (via BusinessWire)