FMCG major Dabur India said it has acquired US-based personal care firm Namaste Laboratories LLC and its three subsidiary companies for USD 100 million (about Rs 451 crore).
"This acquisition is in line with our strategy to build a global presence in the international FMCG market," Dabur India Chairman Anand Burman said in a statement. The company said the acquisition of Namaste Laboratories LLC and its three subsidiary companies - Hair Rejuvenation & Revitalization Nigeria Limited, Healing Hair Laboratories International, LLC, and Urban Laboratories International, LLC along with its South African arm has been done through its US based subsidiary Dermoviva Skin Essentials.
The firm said the acquisition marks Dabur's entry into the fast-growing USD 1.5-billion ethnic hair care products market in the US, Europe and Africa. "Namaste Group will also serve as a gateway to the US market for our portfolio of consumer products. This transaction will also enhance our profitability, increase stakeholder value and add to Dabur's already strong presence in Africa," Burman said.
The transaction is expected to be completed by the end of 2010, subject to regulatory approvals in the US, the company said.
Founded in 1996, Namaste Laboratories markets a portfolio of products under organic root stimulator brands addressing major hair concerns. It is present in the US, and in several other countries in Africa, Middle East, Europe and Caribbean Region of North America.
This is the second overseas acquisition of the company this year. In September, the company had completed acquisition of Turkish personal care firm Hobi Kozmetik Group for USD 69 million (about Rs 324 crore) to strengthen its presence in the Middle East and North Africa.
Shares of Dabur India on Tuesday, November 16, 2010 were trading at Rs 97.85 on the BSE in the afternoon trade up 0.72 per cent from its previous close.
