Bayer to sell Coppertone unit to Beiersdorf for $550M
Beiersdorf and Bayer announced that Beiersdorf has entered into a definitive agreement to buy the Coppertone business from Bayer for a purchase price of $550M. "This transaction demonstrates our commitment towards competitive, sustainable growth and investment in skin care outlined in the new C.A.R.E.+ strategy. 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," said Stefan De Loecker, Chief Executive Officer of Beiersdorf. "We are pleased to offer the iconic Coppertone brand and its dedicated, experienced employees a new home next to NIVEA Sun and Eucerin Sun. The sun care pioneers of Europe and the US will join forces under one umbrella to provide trusted sun protection to consumers around the world. We are convinced that Coppertone and its team will add complementary expertise to our leading brand portfolio and significantly strengthen our position particularly in the US." Beiersdorf will acquire the global product rights to Coppertone and take over approximately 450 dedicated brand personnel in the United States, Canada, and China including Sales and Marketing, Research & Development and others, as well as a production facility in Cleveland, Tennessee, USA. 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.