The US brand comes with a US$550m price tag
As part of plans to expand into the Narth American market, German consumer goods firm Beiersdorf, has entered an agreement to buy US sun care brand Coppertone.
The brand, formerly owned by German conglomerate Bayer, has a US$550m price tag and made sales of around $213m in 2018, according to Beiersdorf.
It will become the company’s fifth brand in its skin care portfolio alongside Nivea and La Prairie.
“This transaction demonstrates our commitment towards competitive, sustainable growth and investment in skin care,” said CEO Stefan De Loecker.
“Skin care is at the heart of Beiersdorf and caring for skin health through sun protection has been an essential pillar of our business for over 60 years.”
He went on to say that Coppertone will add complementary expertise to its portfolio and help strengthen its position in the US market.
As part of the acquisition Beiersdorf will take over its global product rights and 450 of its brand personnel across the US, Canada and China.
“We believe that we have found the right partner in Beiersdorf to continue to invest in and grow the Coppertone brand,” said Bayer’s President of Consumer Health, Heiko Schipper.
“We look forward to seeing the brand taken to the next level of success under Beiersdorf’s ownership.”
Since De Loecker was made CEO of Beiersdorf in November last year the European firm has boosted its sales and surpassed financial expectations.
In Q1 it reported a 6% rise in like-for-like sales to €1.9bn.