Beiersdorf to Buy Coppertone Sun-Care Business From Bayer for $550 Million
May 13 2019 - 01:51PM
Dow Jones News
By Colin Kellaher
Beiersdorf AG (BEI.XE) on Monday said it agreed to buy Bayer
AG's (BAYN.XE) Coppertone sun-care business for $550 million.
Beiersdorf, the Hamburg, Germany, maker of Nivea skin cream,
said the acquisition marks its entry into the U.S. sun-care market
and strengthens its presence in North America.
Beiersdorf said the Coppertone business generated sales of about
$213 million last year.
Bayer in November announced plans to cut 12,000 jobs and sell
the Coppertone line, along with its animal-health business and Dr.
Scholl's foot-care products. The Leverkusen, Germany,
chemical-and-pharmaceutical company had acquired Coppertone as part
of its $14.2 billion purchase of Merck & Co.'s (MRK)
consumer-care business in 2014.
Beiersdorf said the supervisory boards of both companies have
approved the transaction, which it expects to complete in the third
quarter.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 13, 2019 13:36 ET (17:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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