Coppertone to join the Beiersdorf portfolio
Beiersdorf and Bayer, the parent company of Coppertone, announced that a definitive agreement has been reached to bring the sun care brand to Beiersdorf for $550 million.
Coppertone, which was founded in 1944, generated sales of $213 million during 2018, will be the fifth brand to join Beiersdorf’s skin care portfolio beside Nivea, Eucerin, Aquaphor and La Prairie.
“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,” Stefan De Loecker, the chief executive officer of Beiersdorf said. “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.”
The divestiture allows Bayer to focus on building its core over-the-counter brands, the companies said.
As part of the acquisition, Beiersdorf will obtain the global rights to Coppertone and take over approximately 450 brand personnel in the United States, Canada and China, and a production facility in Cleveland, Tenn.
“We believe that we have found the right partner in Beiersdorf to continue to invest in and grow the Coppertone brand,” Heiko Schipper, a member of Bayer’s board of management and the president of consumer health said. “Since Bayer took ownership of Coppertone in late 2014, we have made progress in revitalizing the brand and developing an exciting pipeline of innovative products thanks to the dedicated efforts of many employees, to whom we are grateful. We look forward to seeing the brand taken to the next level of success under Beiersdorf’s ownership.”
The transaction is expected to close in the third quarter of 2018 and is subject to closing conditions, including approval by the competition authorities.
No comments found