Beiersdorf has announced that it has entered into a definitive agreement to buy the Coppertone business from Bayer.
The purchase price of Coppertone is $550 million, according to a statement released by the Nivea maker.
About Coppertone
Founded in 1944, Coppertone was the first sun care brand launched in the US market. It is headquartered in Whippany, New Jersey, USA and is currently in the United States, Canada and China.
Coppertone generated sales of $213 million in 2018, according to the statement.
Through the acquisition of Coppertone, Beiersdorf said that is entering the world's largest sun care market and strengthening its presence in North America.
Coppertone will become the fifth brand in Beiersdorf's skin care portfolio in North America, alongside Nivea, Eucerin, Aquaphor and La Prairie.
Sustainable Growth
“This transaction demonstrates our commitment towards competitive, sustainable growth and investment in skin care outlined in the new C.A.R.E.+ strategy." said Stefan De Loecker, chief executive officer of Beiersdorf.
"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 added.
Commenting on the sale of Coppertone, Heiko Schipper, president of consumer health at Bayer, said, "We believe that we have found the right partner in Beiersdorf to continue to invest in and grow the Coppertone brand.
"Since Bayer took ownership of Coppertone in late 2014, we have made progress in revitalising the brand and developing an exciting pipeline of innovative products thanks to the dedicated efforts of many employees, to whom we are grateful."
"We look forward to seeing the brand taken to the next level of success under Beiersdorf’s ownership.” he added.
Global Product
According to the statement, Beiersdorf will acquire the global product rights to Coppertone and take on approximately 450 dedicated brand personnel in the United States, Canada and China.
This will also include sales and marketing, research and development as well as a production facility in Cleveland, Tennessee, USA.
It revealed the transaction is expected to close in the third quarter of 2019 subject to the satisfaction of customary closing conditions, including approval by the competition authorities.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Helen Galgey. Click subscribe to sign up to ESM: The European Supermarket Magazine.
