HAMBURG, Germany — Beiersdorf said Monday it has entered into a definitive agreement to buy the Coppertone business from Bayer for a purchase price of $550 million.
Coppertone generated sales of $213 million in 2018. Through the acquisition of Coppertone, Beiersdorf is entering a major international sun care market and strengthening its presence in North America. Coppertone will become the fifth brand in Beiersdorf’s skin care portfolio in North America, beside Nivea, Eucerin, Aquaphor and La Prairie. The divestiture enables Bayer to focus on building its core over-the-counter brands.
“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,” said Stefan De Loecker, chief executive officer of Beiersdorf. “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 U.S. 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 U.S.”
“We believe that we have found the right partner in Beiersdorf to continue to invest in and grow the Coppertone brand,” said Heiko Schipper, member of Bayer’s board of management and president of consumer health. “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.”
Beiersdorf will acquire the global product rights to Coppertone and take over approximately 450 dedicated brand personnel in the United States, Canada and China including sales and marketing, research and development and others, as well as a production facility in Cleveland, Tenn. The transaction is expected to close in the third quarter of 2019 subject to the satisfaction of customary closing conditions, including approval by the competition authorities.