FRANKFURT (Reuters) - German consumer goods maker Henkel (HNKG_p.DE) has agreed to buy Zotos International from Japan’s Shiseido Company (4911.T) for $485 million to further grow its footprint in the U.S. professional hair-care sector.
The business, which generated sales of about $230 million last year, will add brands such as Joico and Zotos Professional to Henkel’s portfolio, Henkel said in a statement late on Thursday.
The deal is Henkel’s third acquisition in the U.S. hair professional business in recent years, after it bought brands Sexy Hair, Alterna and Kenra in 2014 and last month closed the purchase of Nattura Laboratorios, the owner of brand Pravana.
Shiseido said in a separate statement that the sale of Zotos to Henkel advanced its strategy of concentrating on the professional market in Asia.
It said the deal was expected to close in December.
Reporting by Maria Sheahan; Editing by Stephen Coates