Unilever, one of the worlds largest consumer goods companies has signed an agreement to acquire the global TIGI professional hair product business. It also plans to attain its supporting advanced education academies for a cash consideration of US$411.5mn.
Vindi Banga, Unilever President, Foods, Home & Personal Care, said, "This is an exciting acquisition for Unilever. It illustrates our determination to actively manage our portfolio in line with our stated strategic priorities, including a focus on personal care and higher growth areas."
He also added, "We already have a strong position in daily hair care and adding the salon brands will further build our position in the hair category. We can bring our world-class R&D expertise to it and offer greater opportunity for geographical expansion. TIGIs strength in styling and its fashion and beauty expertise will also help us raise the bar on innovation for our existing hair brands."
TIGI will operate as a stand-alone Global Business Unit within Unilever, after the completion of the transaction and will report to Michael B. Polk, President, Unilever Americas.
Bruno Mascolo of TIGI, said, "We are excited to join the Unilever family. We have always been passionate about people, so to be able to advance the industry through our products and education by using Unilevers impressive resources, while continuing to involve those who have made us successful - customers and employees - is very gratifying. We look forward to our future together."
The major brands of TIGI include Bed Head, Catwalk and S-Factor. TIGI has operations in the United States, United Kingdom, Italy, Germany and Australia, employs about 550 people and in 2008. It had worldwide sales of approximately US$250mn, with almost half coming from the United States.
Subject to regulatory approval, the deal is expected to be completed by the end of March 2009.
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