By Stephen Nakrosis
Colgate-Palmolive Co. (CL) said Thursday it reached an agreement to acquire France's Laboratoires Filorga Cosmétiques skin care business for EUR1.5 billion ($1.69 billion).
Filorga is an anti-aging skin care brand focused primarily on facial care and sold in over 60 countries. Its largest markets are France, Italy, Spain and Greater China, Colgate said.
The company said the transaction was financed with a combination of debt and cash and wasn't expected to have any impact on earnings per share in 2019.
"Filorga is a strong, premium-priced brand with distinctive positioning that fits well within our long-term personal care growth strategy," said Noel Wallace, Colgate's president and chief executive.
"This acquisition also provides Colgate entry into the fast-growing and sizeable travel retail channel, particularly in Asia," added Mr. Wallace.
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