Dabur acquires U.S. based Namaste Group for $100 Million

Wednesday, 17 November 2010, 20:22 IST
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New Delhi: FMCG major Dabur India said it has acquired U.S. based personal care firm Namaste Laboratories LLC and its three subsidiary companies for $100 million (about 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. The company said the acquisition of Namaste Laboratories LLC and its three subsidiary companies -- Hair Rejuvenation & Revitalization Nigeria, Healing Hair Laboratories International LLC and Urban Laboratories International LLC along with its South African arm has been done through its U.S. based subsidiary Dermoviva Skin Essentials. The firm said the acquisition marks Dabur's entry into the fast-growing $1.5-billion ethnic hair care products market in the U.S., Europe and Africa. "Namaste Group will also serve as a gateway to the U.S. 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 U.S., 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 U.S., 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 for $69 million (about 324 crore) to strengthen its presence in the Middle East and North Africa. Shares of Dabur India were trading at 97.85 on the BSE in the afternoon trade up 0.72 percent from its previous close.
Source: PTI