Dabur Goes Shopping In South Africa To Strengthen Personal Care Segment
Dabur will acquire personal care business of South African CTL Group.
Homegrown FMCG major Dabur on Tuesday said it will acquire the personal care, hair care and creams businesses of the South African based-CTL group of companies in a deal valued at $1.5 million (Rs 10 crore). The acquisition will mark Dabur's entry into the South African personal care market, the company said in a statement.
Dabur South Africa (PTY), has entered into an agreement to acquire the South African business of development, manufacturing, packaging and sale of personal care products of CTL Contracting Proprietary Ltd, it added.
In addition to that, Dabur South Africa (PTY), a wholly owned subsidiary of Dabur International, would also acquire certain equipment of Carbotec Laboratories Proprietary Ltd and immovable property from CTL Management and Personnel Services Proprietary Ltd.
"The acquisition of the businesses of CTL Group is an important step towards further consolidating and expanding Dabur's already substantial presence in Africa," the company said.
With this acquisition, Dabur has consolidated its position as a leading player in the global personal care products market. This acquisition represents a significant step for Dabur in our strategy to accelerate growth in the international market, particularly Africa. The strategic acquisition, which will help advance our personal care business in Africa, ushers in a new and exciting era of robust growth at Dabur. We expect this transaction to provide a tremendous platform for value creation in Africa.Sunil Duggal, CEO, Dabur India
In July this year, Dabur had announced to acquire South African cosmetics manufacturing and trading firm Discaria Trading for an undisclosed amount.
Later, it had renamed Discaria Trading (PTY) Ltd to Dabur South Africa (PTY) Ltd in August, 2016.