Consumer products giant Procter and Gamble announced plans to buy the Clairol hair coloring business from Bristol-Meyers Squibb for 4.950 billion dollars in cash.
"Clairol brings P nd G into the fast-growing business of hair colorants and positions us for further growth in one of our core business categories -- hair care," said Procter and Gamble chief executive A.G. Lafley.
Clairol, considered the world leader in hair care products, has annual global sales of around 1.6 billion dollars. Its brands include Nice 'n Easy, Miss Clairol and Herbal Essences.
A statement from Procter and Gamble said the global hair colorant sector has shown annual growth of four to six percent over the past five years, about double the growth in shampoos, conditioners and styling aids.
It said both men and women were now making greater use of hair colorants and that usage among young consumers was also on the rise.
Procter and Gamble markets some 300 brands -- including Pantene, Olay, Max Factor and Cover Girl -- in 140 countries.
AFP