Reckitt Benckiser merge with US vitamin firm
Slough-based consumer goods company, Reckitt Benckiser is set to merge with US vitamin manufacturer, Schiff Nutrition International, Inc, as Bayer pull out of bidding.
Schiff, based in Salt Lake City, is a provider of branded vitamins, nutrition supplements and nutrition bars in the US.
Rakesh Kapoor, Reckitt Benckiser Chief Executive Officer, said, “We are very pleased to have reached a mutually beneficial agreement with Schiff and are excited to enter the $30 billion global vitamins, minerals and supplements market with such a strong portfolio of high quality branded business in the USA.
“Schiff’s portfolio is an excellent fit with our strategic focus on health and hygiene, where in health care in the USA we already have Mucinex, Delsym, Cepacol and Durex as major brands.
“The sub-categories within which Schiff operates have strong growth momentum and to this we expect to combine Reckitt Benckiser’s strong go to market capabilities as well as proven skills in branding, innovation and consumer communication and education.
“The integration process will be undertaken promptly following completion of the transaction, so that the business can continue its growth trajectory with minimum disruption and realize synergies as soon as possible. Reckitt Benckiser expects the tender offer to close before the end of calendar year 2012.”
Morgan Stanley & Co provided financial advice to Reckitt Benckiser, and Wharton & Garrison LLP provided legal advice.