P.M. BRIEFING : Colgate Buys Canadian Firms
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NEW YORK — Colgate-Palmolive Co. today announced an agreement to acquire Canada’s bleach and fabric softener businesses from Bristol Myers Squibb Co. for $172 million.
The purchase is part of Colgate’s strategy to be a major force in the profitable bleach category, said Reuben Mark, the consumer products company’s chairman, president and chief executive officer.
Before buying the two businesses, which will be known as the Javex Manufacturing Co. Inc. and the Javex Marketing Co. Inc., Colgate was the largest marketer of household bleach outside North America, Mark said.
Colgate built a strong presence in bleach overseas mainly through its acquisition of the Cotelle and Klorin bleach businesses in Europe and by introducing its own brands in selected world markets.
The addition of the Javex companies will almost double Colgate’s revenue base in Canada.
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