Unilever, the maker of Dove soap and Lipton tea, has sold two of its hair-care brands to Lornamead Brands, Inc., Unilever said Tuesday.
The brands, Finesse and Aqua Net, generated sales of $85 million last year. The sale excluded Aqua Net in Mexico.
“This agreement takes us a step further in reshaping our hair-care portfolio of brands in North America,” said John Rice, president of Unilever Americas, in a statement. “It will enable us to focus on bringing innovation to market through our strong local and global brands.”
Terms of the deal were not disclosed.
For U.K.-based Lornamead, the acquisition is the first major purchase in the North American market, the companies said.
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