SC Johnson, one of the world's leading manufacturers of household cleaning products, has reached an agreement to acquire Sara Lee's global shoe care business for €245 million.
The deal will bring the world famous Kiwi brand that has been polishing shoes around the world for more than 100 years into SC Johnson's robust portfolio that already includes Pledge, Glade, Mr. Muscle, Windex and Ziploc. Like many SC Johnson brands, Kiwi is the leader in its category.
It also includes Sara Lee's Bama International, which sells shoe accessories in specialty channels in Europe and Canada, and Kiwi Kleen, a line of household cleaning products sold mainly in Asia Pacific using the Kiwi branding.
"We're thrilled that the addition of Kiwi to SC Johnson will enable us to offer families around the world yet another long-respected leading household brand," said SC Johnson chairman and CEO Fisk Johnson.
The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close by the end of Sara Lee’s fiscal 2011 (July 2, 2011).
“With the binding offer for our global shoe care business, we have now announced or completed transactions for substantially all of our Household and Body Care business,” said Marcel Smits, interim chief executive officer, Sara Lee Corp. “We’re excited to get closer to bringing this process to a close as we continue to focus on our core protein and coffee businesses, while continuing to evaluate the best opportunities for value creation and investment of cash.”
Sara Lee has completed the sale of its body care business (to Unilever for €1.21 billion), its air care business (to P&G for €320 million), and its stake in its Godrej Sara Lee joint venture (to Godrej Consumer Products Ltd. for €185 million).
