07.15.19
According to Reuters, in a move to boost its personal care business, Colgate-Palmolive Co. has announced they will purchase the skincare division of France’s Laboratoires Filorga Cosmétiques for $1.69 billion.
Filorga’s anti-aging skincare products are sold globally in over 60 countries, with its largest markets being France, Italy, Spain and Greater China.
“This acquisition also provides Colgate entry into the fast-growing and sizeable travel retail channel, particularly in Asia,” according to chief executive officer Noel Wallace, who ws named to the position earlier this year.
Colgate, which is known for its dental-care products, is looking to expand its presence in the high-margin personal care business and had acquired skincare brands PCA Skin and EltaMD in 2017. (Last month, Colgate announced that their “breakthrough" new recyclable toothpaste tube is nearly ready. It took 5 years to develop.)
The Filorga transaction will be financed with a combination of debt and cash and is currently expected to close in the third quarter, Colgate said, adding that the deal is expected to have no impact on its diluted earnings per share in 2019.
Citi was Colgate’s financial adviser, while Goldman Sachs and BNP Paribas advised Filorga.
Filorga’s anti-aging skincare products are sold globally in over 60 countries, with its largest markets being France, Italy, Spain and Greater China.
“This acquisition also provides Colgate entry into the fast-growing and sizeable travel retail channel, particularly in Asia,” according to chief executive officer Noel Wallace, who ws named to the position earlier this year.
Colgate, which is known for its dental-care products, is looking to expand its presence in the high-margin personal care business and had acquired skincare brands PCA Skin and EltaMD in 2017. (Last month, Colgate announced that their “breakthrough" new recyclable toothpaste tube is nearly ready. It took 5 years to develop.)
The Filorga transaction will be financed with a combination of debt and cash and is currently expected to close in the third quarter, Colgate said, adding that the deal is expected to have no impact on its diluted earnings per share in 2019.
Citi was Colgate’s financial adviser, while Goldman Sachs and BNP Paribas advised Filorga.
