Fast moving consumer goods maker Dabur India Ltd said on Tuesday its US unit Dermoviva Skin Essentials Inc will acquire US-based personal care company Namaste Laboratories for $100 million (R450 crore).
The deal includes Namaste Labs’ two units in the US and one each in South Africa and Nigeria. The transaction is expected to be completed by the end of 2010. “This acquisition is in line with our strategy to build a global presence in the international consumer goods market,” Dabur chairman Anand Burman said in a statement.
Namaste Labs, which makes haircare products preferred mainly by people of the African descent worldwide, enjoys significant market share in the US and in many countries in Africa, Middle East, Europe and the Caribbean region of North America.