Godrej Consumer Products merges arm with self
October 14th, 2010 - 2:30 pm ICT by IANSMumbai, Oct 14 (IANS) FMCG major Godrej Consumer Products Ltd. (GCPL) Thursday said it is merging Godrej Household Products Ltd. (GHPL) with itself, making it one of the largest players in the personal care and household insecticides segment.
No shares will be issued post-merger as GHPL is a wholly-owned unit of the company, the company said in a regulatory filing.
GHPL, which was earlier known as Godrej Sara Lee, had recently acquired 51 percent stake of the company from its foreign partner Sara Lee.
“GCPL is now the largest home-grown household and personal care company in India and the second largest household insecticides company in Asia (excluding Japan). The merger provides us with a scale platform to accelerate our growth and profit trajectory,” said GCPL chairman Adi Godrej.
The company said its board had also approved merging its South African unit, Kinky Group, with another firm based in the same country, Rapidol Ltd. Kinky and Rapidol manufacture haircare products.
“We continue to remain focussed on our global 3 by 3 strategy - presence in 3 continents - Asia, Africa and Latin Amercia through 3 core categories - home care, personal wash and hair care,” Godrej added.
GCPL sells leading brands including Good knight (mosquito repellant), Cinthol and Godrej No 1 (soap), Ezee (detergent) and Snuggy (diapers).
The GCPL scrip soared 12.8 percent to an intra-day high of Rs.440, before settling at Rs.411.50 in post noon.
- Godrej eyes buying out Africa's Darling Group - Dec 01, 2011
- Godrej Consumer Products buys majority stake in African hair care firm - Jun 01, 2011
- Godrej Group planning Rs.300-315 crore investment - Oct 06, 2010
- Godrej Consumer Products acquires Indonesia's Megasari Group - May 17, 2010
- Godrej eyeing acquisitions in Asia, Africa - Apr 07, 2011
- Sara Lee sells Body Care and European Detergents to Unilever for $1.6 billion - Dec 06, 2010
- Godrej Consumer eyes 10-fold revenue jump in a decade - Sep 20, 2011
- Muthuraman elected new CII president - Apr 11, 2011
- B Muthuraman takes over as new CII president, Adi Godrej elected CII president designate - Apr 11, 2011
- Godrej Consumers quarterly profit surges 94.25 percent - Jul 23, 2011
- Godrej Sara Lee to set up insecticides plant in Nepal - Mar 17, 2010
- Adi Godrej is new CII president - Apr 18, 2012
- Godrej eyes acquisitions to double its turnover - Sep 18, 2009
- Competition check for FDI in pharma will help consumers: CUTS - Oct 11, 2011
- GPT Healthcare sets up hospital in Agartala - Oct 01, 2011
Tags: adi, core categories, detergent, diapers, gcpl, ghpl, godrej sara, good knight, household insecticides, household products, latin amercia, leading brands, mosquito repellant, personal care company, personal wash, post merger, products ltd, sara lee, scale platform, scrip