(By Balachander) Church & Dwight Co. Inc. (NYSE:CHD),a maker of personal care products, said it has closed its acquisition of gummy vitamins maker Avid Health Inc.
Church & Dwight paid $650 million in cash at closing of the deal, with the purchase price financed with $400 million in aggregate Senior Notes (2.875 percent) due 2022, commercial paper and cash.
"The acquisition of Avid's gummy vitamins business represents a great addition to our existing portfolio and brings to our company a new growth platform in one of the fastest-growing segments of the attractive vitamin / mineral / supplement category," commented Church & Dwight's CEO James Craigie.
Church & Dwight expects the deal to reduce its earnings per share (EPS) this year, but add to EPS and free cash flow in 2013.
The company's brands include ARM & HAMMER, TROJAN Condoms, XTRA laundry detergent, OXICLEAN pre-wash laundry additive, FIRST RESPONSE home pregnancy and ovulation test kits, ORAJEL oral analgesics and SPINBRUSH battery-operated toothbrushes.
CHD added 0.24 percent to trade at $54.12 on Monday. The stock has been trading in the 52-week range between $42.00 and $59.27.