Sun Products will be bought
Private-equity firm Vestar Capital Partners has agreed to sell the Wilton-based Sun Products Corporation to Henkel Consumer Goods for $3.6 billion.
Henkel, a German company which makes glues and beauty-care products in addition to laundry and home-care products, will be adding brands like Snuggle fabric softener and Wisk laundry detergent to its portfolio through the pending transaction.
“This transaction is a major strategic move for Henkel,” said Henkel CEO Hans Van Bylen.
“North America is one of the most important markets for us worldwide. With the acquisition of Sun Products, we will improve our position in the USA — the world’s largest laundry market,” Van Bylen said.
According to The Wall Street Journal, the deal will make Henkel the second-largest laundry soap firm in North America, after Procter & Gamble, which manufactures Tide detergent.
The closing of the transaction is subject to customary regulatory approvals and other customary closing conditions.