FMCG major Godrej Consumer Products Ltd today said it has completed the acquisition of Argentinian hair care company Argencos for an undisclosed amount, its second buyout in Latin America within two months.
In a filing to the Bombay Stock Exchange (BSE), the domestic firm announced the completion of the acquisition.
Earlier in May, the company had announced that it had bought a 100 per cent stake in Latin America's Issue Group, the market leader in hair-colour in Argentina, Peru, Uruguay and Paraguay.
The combined sales of these two Argentinian companies are estimated to be over $45 million.
The company had said it would fund the acquisitions through a mix of debt and equity.
"Argencos is a perfect, complementary add-on to our earlier acquisition of Issue Group. I expect the combination of the two businesses to set us on a firm footing in achieving our plans for Latin America," GCPL Chairman Adi Godrej had said.
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GCPL has been on an aggressive acquisition spree in recent months. The Indian FMCG major had acquired Nigeria's Tura soap brand and Indonesia's household-care company, the Megasari Group. It has also acquired Sara Lee's 51 per cent stake in their joint venture, Godrej Sara Lee.
Shares of the company rose 0.93 per cent to Rs 351 in morning trade on the BSE.