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FMCGmajorHULon Monday said it has entered into an agreement to acquire intimate hygiene brand VWashfrom GlenmarkPharmaceuticals.
Without disclosing the aquisition amount, the company said the deal would include an upfront cash payment and a deferred consideration over the next three years.
The company signed an agreement with Glenmark Pharmaceuticals Ltd to acquire intimate hygiene brandVWash, HUL said in a statement.
Both the companies expect to complete the deal in next few months. VWash was launched byGlenmarkin 2013 and has established itself as the market leader in the female intimate hygiene category, the statement noted.
Commenting on the development, HUL CMD Sanjiv Mehta said: The acquisition ofVWashgives us an entry into the currentlyunderpenetratedand rapidly growing female intimate hygiene segment. The brand has a leadership position and fits well into the white spaces in our Beauty & Personal Care business.
We look forward to completing the acquisition and strongly believeHULis well-positioned to further scale up this business, given the strength of our market development and distribution capabilities, he added.
The deal includes the acquisition of intellectual property rights including trademarks, design and know-how related to theVWashbrand.
The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years,'' it said
Glenmarkwill continue to manage the business until the transaction is completed, and will also continue to manufacture forHULfor an agreed period of time, the statement added.
The proposed acquisition is in line with HUL's strategic intent to enter fast-growing segments of the future in the premium Beauty & Personal care.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)