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Article: P&G to buy German hair care company Deal substantially increases company's clout in lucrative market
- Article from:
- Chicago Sun-Times
- Article date:
- March 19, 2003
- Author:
CopyrightCopyright 2003 Chicago Sun-Times. (Hide copyright information)
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CINCINNATI--The Procter & Gamble Co.'s $5.8 billion deal for
Germany's Wella AG substantially increases P&G's worldwide clout in
the lucrative hair care market, which the company has targeted as a
key growth category.
Coupled with its $4.9 billion purchase of Clairol in 2001, the
deal extends P&G's market presence from shampoos and conditioners to
hair coloring products and supplies for professional hair care salons
in Europe and Latin America.
The maker of Crest toothpaste, Pampers diapers and Pringles snack
chips said Tuesday it would pay $3.6 billion in cash to the family
shareholders in Wella for 77.6 percent of the voting shares, ending
weeks of speculation about a takeover.
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