Johnson to buy Unilever unit in $1.6 billion deal

Racine, Nov 20: Cleaning products company Johnson Wax Professional on Tuesday said, it would buy the institutional and industrial cleaning business of Anglo-Dutch consumer products group Unilever Plc for $1.6 billion to expand its product line and international reach. The deal for Unilever’s DiverseyLever would also give Unilever a one-third stake in privately held Johnson Wax for the next five years, Johnson said in a statement.

Johnson said it will pay a combination of cash and a note, and that Unilever has valued the deal at $1.6 billion. “Combining our strengths with those of DiverseyLever will result in a company that has the size, strength and geographic reach to compete anywhere in the world with anyone in the industry,” Johnson president and chief executive officer Gregory Lawton said.

“Our complementary product platforms — Johnson Wax Professional’s expertise in housekeeping and floor care, and DiverseyLever’s strengths in warewashing, laundry and food processing and sanitation — will significantly enhance our offering,” Mr Lawton said.

— Reuters