Godrej Consumer gains on acquiring US-based Strength of Nature

The company has acquired 100% equity stake in US-based Strength of Nature LLC

Shares of Godrej Consumer Products were up over 2% at Rs 1,423 after the company said it has acquired 100% equity stake in Strength of Nature LLC (SON), a leading company of hair care products for women of African descent.

The release said that the acquisition is a further step to accelerate the company's global 3 by 3 strategy and scale up its presence in Africa by being at the forefront of serving the hair care needs of women of African descent.

SON has a compelling portfolio of leading hair care brands with affordable and innovative products, and has been serving women of African descent across 50 countries.

The acquisition is expected to be EPS (earnings per share) accretive for the company from year one itself, the release added.

The stock opened at Rs 1,400 and touched a high of Rs 1,433. At 12:25pm, over 143,000 shares were traded on both the stock exchanges.