Hamburg, Germany / Leverkusen, Germany, May 13, 2019 – Beiersdorf and Bayer announced today that Beiersdorf has entered into
a definitive agreement to buy the Coppertone™ business from Bayer for a
purchase price of 550 million U.S. dollars.
Founded in 1944,
Coppertone™ was the first sun care brand launched in the US market. It is
headquartered in Whippany, New Jersey, USA, and present in the United States,
Canada, and China. Coppertone™ generated sales of 213 million U.S. dollars in
2018. Through the acquisition of Coppertone™,
Beiersdorf is entering the world’s largest sun care market and strengthening
its presence in North America. Coppertone™ will become the fifth brand in
Beiersdorf’s skin care portfolio in North America, beside NIVEA, Eucerin, Aquaphor,
and La Prairie. The divestiture enables Bayer to focus on building its
core over-the-counter brands.
“This
transaction demonstrates our commitment towards competitive, sustainable growth
and investment in skin care outlined in the new C.A.R.E.+ strategy. Skin care
is at the heart of Beiersdorf – and caring for skin health through sun protection
has been an essential pillar of our business for over 60 years,” said Stefan De
Loecker, Chief Executive Officer of Beiersdorf. “We are pleased to offer the
iconic Coppertone™ brand and its dedicated, experienced employees a new home next
to NIVEA Sun and Eucerin Sun. The sun care pioneers of Europe and the US will
join forces under one umbrella to provide trusted sun protection to consumers
around the world. We are convinced that Coppertone™ and its team will
add complementary expertise to our leading brand portfolio and significantly
strengthen our position particularly in the US.”
“We believe that
we have found the right partner in Beiersdorf to continue to invest in and grow
the Coppertone™ brand,” said Heiko Schipper, member of Bayer’s Board of
Management and President of Consumer Health. “Since Bayer took ownership of
Coppertone™ in late 2014, we have made progress in revitalizing the brand and
developing an exciting pipeline of innovative products thanks to the dedicated
efforts of many employees, to whom we are grateful. We look forward to seeing
the brand taken to the next level of success under Beiersdorf’s ownership.”
Beiersdorf will
acquire the global product rights to Coppertone™ and take over approximately 450
dedicated brand personnel in the United States, Canada, and China including Sales
and Marketing, Research & Development and others, as well as a production
facility in Cleveland, Tennessee, USA. The transaction is expected to close in
the third quarter of 2019 subject to the satisfaction of customary closing
conditions, including approval by the competition authorities.
Sawaya Partners
and Citi acted as financial advisors to Bayer, while Covington & Burling
provided legal advice. Beiersdorf received financial advice by Credit Suisse
and Perella Weinberg Partners, while Freshfields Bruckhaus Deringer acted as
legal advisor.