Elementis, the UK specialty chemicals heavyweight, has acquired SummitReheis, a supplier of specialty additives in the antiperspirant and personal care market.
SummitReheis has strong customer relationships with big names in the cosmetics industry including Unilever, P&G, L’Oréal, Colgate-Palmolive and Beiersdorf.
More than 60% of SummitReheis’ sales are generated by its antiperspirant actives business.
Elementis has paid US$360m to buy SummitReheis, creating an enlarged personal care business with annual sales of roughly $200m.
Paul Waterman, CEO of Elementis plc, said: “The Group is well positioned to capitalise on this acquisition through the enhanced geographic footprint and strong customer relationships that it brings.
“Together with our existing business, the acquisition of SummitReheis is transformative for our personal care business, creating a substantial, high return platform that will help accelerate our Reignite Growth strategy.”
The two companies will be merged, creating a business with roughly $200m of annual sales.
The acquisition is predicted to deliver material earnings accretion in the current financial year.
