By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 2, 2010 8:00 AM EDT
Europe's biggest maker of own-brand household and personal care goods McBride Plc on Thursday said it agreed to buy an initial 70 percent interest in Dermacol, a privately owned, Czech-based maker of skincare products, for an expected 8 million pounds ($12.3 million) to expand its presence in the growing Central European markets in a low-cost location.
McBride will fund the acquisition from its existing resources and buy the remaining 30 percent of Dermacol's shares in late 2017 based on the latter's operating profits in that year.
Dermacol, which is based near Brno in the Czech Republic with one factory, employs over 100 people. It posted a pretax profit of 0.8 million pounds for the year to December 31, 2009, with gross assets of 10.4 million pounds.
"I am delighted that we have been able to acquire such a high quality skincare company. It is consistent with our stated corporate strategy and provides McBride with a full range of products to create private label skincare ranges for our customers," said chief executive Chris Bull in a statement.
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Shares of McBride were up 3.7 percent at 146.20 pence in early trade on the London Stock Exchange.
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