The Procter & Gamble Company announced December 11 that it has signed a binding offer with the Sara Lee Corporation to acquire Ambi Pur for euro 320 million ($470 million). Under the terms of the agreement, P&G will acquire Ambi Pur, a leading global air care brand with presence in 80 countries, as well as several toilet care products with strong presence in Western Europe and Asia.
"The acquisition of Ambi Pur strengthens P&G's global leadership in Home Care and specifically Air Care by extending our reach to serve more consumers in more parts of the world more completely," said David Taylor, P&G group president-global home care. "This acquisition brings the strong Ambi Pur brand equity and complementary geographic presence, particularly in Europe and Asia."
"Ambi Pur also brings high-performance products and new technologies to our current Air Care portfolio, including car air fresheners, battery-powered air fresheners, toilet rim blocks and various non-energized air fresheners," added Taylor. "We see many opportunities to leverage these additional technologies and P&G's core capabilities in consumer understanding, innovation, brand building and go-to-market execution to grow both the Febreze and Ambi Pur brands robustly for many years to come."
"The Ambi Pur brand has a rich history in innovation and is enjoyed by millions of consumers," said Vincent Janssen, chief executive officer, Sara Lee International Household and Body Care. "Receiving this offer from leading consumer goods company P&G validates the tremendous trends and potential of this innovative air care leader."
The transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close in the current fiscal year, which ends on June 30, 2010. Both P&G and Sara Lee will consult with relevant work councils and regulatory bodies during the review process.
P&G also stated that the transaction should not have a material impact on the company's results in fiscal year 2010. The Ambi Pur brand generated annual sales of approximately 260 million euro and estimated operating income(1) of 24 million euro for the year ending June 2009, using an exchange rate of 1.37 dollars per euro.
About Procter & Gamble
P&G has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Gain, Pringles, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun and Fusion. The P&G community includes approximately 135,000 employees working in about 80 countries worldwide.
About Sara Lee Corporation
Sara Lee has one of the world's leading portfolios with its innovative and trusted food, beverage, household and body care brands, including Ambi Pur, Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Kiwi, Sanex, Sara Lee and Senseo. Collectively, these brands generate almost $13 billion in annual net sales covering approximately 180 countries. The Sara Lee community consists of 41,000 employees worldwide.
