Consumer goods manufacturer Henkel has signed an agreement to acquire Zotos International, the North American professional hair care business of Shiseido Company.
The $485 million deal will include brands such as Joico and Zoto Professional.
Zotos International, which is based in Darien, Connecticut, reported sales of about $230 million in 2016. The company is mainly focused on the US market, but the business is also present in Europe and Asia.
“This acquisition is part of our strategy to expand our position in attractive markets and categories," said Henkel CEO Hans Van Bylen.
"It will further strengthen our hair professional business in the US, the world’s single biggest hair professional market. The high-performance and high-quality brands are a perfect fit for our beauty care business."
This is Henkel's third acquisition in the US hair professional business in recent years. In 2014, the business acquired three US companies - Sexy Hair, Alterna and Kendra - and last month it successfully closed the acquisition of Nattura Labaratorios.
Earlier this week, Henkel announced the appointment of Jens-Martin Schwärzler as the company's new head of beauty care.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.