Consumer products group acquires Argentine hairspray brand
Following its acquisition of hair colour company Issue, India’s Godrej Consumer Products Ltd has further extended its business in Latin America through the acquisition of a 100% stake in Argencos, Argentina’s largest hairspray company. Argencos also has a hair colour portfolio said to complement Issue’s and its brand line-up includes Roby and 919.
According to Godrej, the equity value of both transactions equalled $43m, while their combined sales will be over $45m.
“Argencos is a perfect, complementary add-on to our earlier acquisition of Issue Group,” said chairman Adi Godrej. “I expect the combination of the two businesses to set us on a firm footing in achieving our plans for Latin America. The two companies provide us with a tremendous platform for establishing a strong presence in the fast growing hair colour markets in Latin America.”