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Nivea-maker Beiersdorf buys sun care brand Coppertone for $550 million

Beiersdorf'sNivea Sun is a leading sun care brand in Europe and its Eucerin brand also makes sun care products

Reuters 

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, the maker of and other skin care brands, is buying U.S. sun care brand from Bayer for $550 million to strengthen its position in North America, the German consumer goods firm said on Monday.

said in a statement that had sales of around $213 million in 2018. It said the transaction was subject to approval by merger control authorities, but should be closed in the third quarter.

"We are convinced that and its team will add complementary expertise to our leading brand portfolio and significantly strengthen our position particularly in the U.S.," said chief executive Stefan de Loecker.

De Loecker, who took over as CEO in January, has said he wants to look for acquisitions. The company is sitting on a cash pile of more than 4 billion euros and has faced calls from investors to return cash to shareholders.

Beiersdorf'sNivea Sun is a leading sun care brand in Europe and its Eucerin brand also makes sun care products.

Founded in 1944, Coppertone was bought by Bayer in 2014. The chemicals firm said it had made progress in revitalising the brand and developing more innovative products.

Bayer said the sale would allow it to focus on building its core over-the-counter brands like Asprin and Berocca vitamins.

First Published: Mon, May 13 2019. 23:47 IST
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