Nivea-owner Beiersdorf has recently revealed that it has successfully completed the acquisition of the sun care brand Coppertone.
The move which was completed on the 30 August, has now brought three of the world’s top sun care brands together under one roof: Nivea Sun, Eucerin, and Coppertone.
According to a statement, the closing took place just 16 weeks after the announcement of the planned transaction in May, for a purchase price of $550 million.
'Largest Sun Protection Market'
Stefan De Loecker, CEO of Beiersdorf said that the company is significantly investing in its core business skincare.
"With this acquisition we are gaining access to the world’s largest sun protection market – the United States."
The group said that Coppertone, a brand that is synonymous with sunscreen in the United States, generated sales of €181 million in 2018.
“We are convinced that this step will enable us to significantly accelerate our growth and presence particularly in North America,”De Loecker added.
Approximately 450 employees of the Coppertone business in the United States, Canada and China – including Sales, Marketing and Research & Development – as well as the production center in Cleveland, Tennessee (USA), have now joined Beiersdorf.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.