LONDON—Reckitt Benckiser Group P.L.C. has completed the acquisition of SSL International P.L.C. to add two powerhouse brands—Durex condoms and Scholl foot care products—to its extensive portfolio.
The transaction was completed Oct. 29 after Reckitt Benckiser received regulatory approval from the European Commission and the Antimonopoly Committee of Ukraine, according to a company official.
The firm paid about $3.9 billion in cash for all the shares of SSL, a spokesman said.
SSL, which posted operating profits of about $192 million on sales of $1.2 billion for fiscal 2010, employs about 10,000 globally and has operations spread across 30 countries, with manufacturing plants in England, Thailand, China and India.
Household, health care and personal care product specialist Reckitt Benckiser said the acquisition will give its global health and personal care net revenues a major boost.
The addition of SSL's condom and foot care goods are expected to increase the net revenues of the company's health and personal business by more than 36 percent to about $4 billion annually, approximately a third of the firm's total revenues.
Reckitt Benckiser didn't comment on reports in the London press that changes are expected at the condom and foot care product maker. The composition of SSL's board of directors did change dramatically following the completed acquisition.
Garry Watts, Mark Moran and Ian Adamson have resigned as executive directors of the company while Gerald Corbett, Richard Adam, Peter Read and Peter Johnson stepped down from their non-executive director positions.
Watts has been a key figure in SSL's growth. He joined the company in 2004 following three years of difficult times for the firm. In 2001, inflated financial statements led to a long probe that uncovered an estimated $33 million fraud.
A management shakeup and at least one takeover attempt followed over the next two years before Watts came on board and helped turn around the company.
Named new directors of SSL are Manish Dawar, William Mordan, Martin Keeley and Simon Edwards.
Reckitt Benckiser said it plans to invest in SSL to further drive existing growth in both the Durex and Scholl product lines.
SSL has been expanding regularly over the last few years by purchasing businesses, or a percentage of them.