Unilever is purchasing Alberto Culver, which makes Alberto VO5, TRESemme and Nexxus hair-care products as well as skin-care products such as St. Ives and Noxzema, for $3.7 billion in cash -- a 19%
premium over Alberto Culver's closing price Friday, Dana Cimilluca and Paul Sonne report.
The Anglo-Dutch Unilever says the acquisition of the firm based in Melrose Park, Ill., will
make it the world's leading company in hair conditioning, the second largest in shampoo and the third largest in styling. Leonard Lavin founded the company in 1955, took it public six years later and
now serves on the board after relinquishing management of the company in 1994. His daughter, Carol Lavin Bernick, is currently executive chairman.
Personal care has been outperforming
Unilever's other divisions thanks in part to the success of Degree deodorant and Suave shampoo in the U.S. It also recently launched a successful range of Dove products for men.
advertisement
advertisement
Read the whole story at Wall Street Journal »