By Colin Kellaher
Beiersdorf AG on Monday said it agreed to buy Bayer AG Coppertone sun-care business for $550 million.
Beiersdorf, the Hamburg, Germany, maker of Nivea skin cream, said the acquisition marks its entry into the U.S. sun-care market and strengthens its presence in North America.
Beiersdorf said the Coppertone business generated sales of about $213 million last year.
Bayer in November announced plans to cut 12,000 jobs and sell the Coppertone line, along with its animal-health business and Dr. Scholl's foot-care products. The Leverkusen, Germany, chemical-and-pharmaceutical company had acquired Coppertone as part of its $14.2 billion purchase of Merck & Co.'s (MRK) consumer-care business in 2014.
Beiersdorf said the supervisory boards of both companies have approved the transaction, which it expects to complete in the third quarter.
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