Unilever buys Alberto Culver for £2.3bn

Unilever has snapped up US group Alberto Culver – the company behind beauty brands TRESemmé, Simple and VO5 – in a $3.7bn (£2.3bn) deal. Alberto Culver's brands also include St Ives and Nexxus. Unilever – which makes Dove, Clear, Sunsilk, Pond's and Vaseline – said the acquisition will make it the world's leading company in hair conditioning, the second largest in shampoo and the third largest in styling. The move boosts its hair care presence in the US, Canada, the UK, Mexico and Australasia. Unilever expects these to be important hair care markets for years to come. "Personal care is a strategic category for Unilever and growing rapidly," said Paul Polman, chief executive of the Anglo-Dutch company. "Ten years ago it represented 20% of our turnover; strong organic growth has driven it to now reach over 30%, with strong positions in many of the emerging markets." Unilever's personal care division, which includes shampoo and skin products, has outperformed its other businesses in recent quarters. Polman's declared goal is to double the size of Unilever. Alberto Culver had sales of $1.6bn and earnings before interest, tax, depreciation and amortisation of $250m in the year to June. The US company has operations in nine countries, including the US, Canada, Argentina, Mexico, the UK, South Africa and Australasia. It has six manufacturing facilities and employs around 2,700 people.