Clorox buys Burt's Bees for $925M
Food and chemical company Clorox Co. said Wednesday it agreed to buy U.S. natural personal-care products company Burt's Bees for $925 million.
The maker of bleaches and other household products, based in Oakland, Calif., said the purchase would let it expand beyond its core business into the fast-growing consumer care market.
"The Burt's Bees brand is well anchored in sustainability and health and wellness," Clorox Chairman and Chief Executive Officer Donald Knauss said in a statement.
"Combined with our new Green Works line of natural cleaning products, and Brita water-filtration products, we can leverage Burt's Bees' extensive capabilities and credibility to build a robust, higher-growth platform for Clorox," he said.
Burt's Bees, founded in 1984, will remain based in Durham, N.C., and continue to be headed by Chief Executive Officer John Reploge, Clorox said.
Clorox will fund the all-cash deal through a combination of cash and short-term borrowings, the 94-year-old company said.
The deal is expected to close by year-end, subject to regulatory approvals.
Clorox also reported a 1 percent decline in quarterly profit Wednesday. // Copyright 2007 by United Press International
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