Helen of Troy Limited announced that it has entered into an agreement with The Procter & Gamble Company to acquire the global Infusium 23 hair care business for an undisclosed cash purchase price. The transaction is expected to close by March 31, 2009. The therapeutic hair care line was established in 1924, and features shampoos, conditioners and leave-in treatments.
"We are very pleased to be acquiring the Infusium 23 brand from P&G," said Gerald J. Rubin, chairman, CEO and president, Helen of Troy Limited. "We currently have a leading position in hair care styling with our innovative appliance and accessory businesses, and adding Infusium 23 will enhance our role as a comprehensive provider of solutions for our hair care consumers and styling professionals.
"We will quickly integrate Infusium 23 into our Idelle Labs division of skin and hair care products. We estimate that Infusium 23 will generate approximately $40 million in sales on an annualized basis with products that will be marketed into both retail and professional trade classes. We expect the acquisition to be accretive immediately."