Personal care products and oleo-chemicals maker VVF today announced the acquisition of Canada-based antiperspirant and deodorant maker, Teo Corp. This is the company’s second acquisition in North America after picking up Colgate’s manufacturing facility in Kansas in November Teo Corp had declared bankruptcy in late 2006 and the company will now operate as a wholly owned subsidiary of VVF.
The Colgate plant would be used to produce bar soaps and liquid home and personal care products. Through this acquisition, VVF will now have the capability to produce a range of underarm, deodorant and antiperspirant sticks as well as pain relief sticks. VVF would use the plant to expand its product line offering in North America and to further build its position in the growing private label market for personal care products.
VVF is largely into contract manufacturing for brands like Nivea in addition to having its own soap brands such as Doy, Doycare Aloe Vera, Shiff and Jo. Exports constitute over 50% of the Rs. 675 crores company’s turnover. The company aims to cross the Rs. 1000 crore-mark by 2008. In addition to the yet to be started North America operations, VVF also has operations in Dubai through which it taps the European and African markets.
Read the Business Standard article for more details.
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