Godrej completes acquisition of LatAm haircare firm, Argencos

FMCG major Godrej Consumer Products Ltd (GCPL) has announced the completion of the acquisition of Argentinian haircare company – Argencos – for an undisclosed amount. This is the firm’s second buyout in Latin America within a span of two months. Earlier, the company had announced its 100 percent stake in Latin America’s Issue Group, the market leader in hair colour in Argentina, Peru, Uruguay and Paraguay. The combined sales of these two Argentinian companies are estimated to be over USD 45 million. “Argencos is a perfect, complementary add-on to our earlier acquisition of Issue Group. I expect the combination of the two businesses to set us on a firm footing in achieving our plans for Latin America,” says Adi Godrej, Chairman, GCPL. GCPL has been on an aggressive acquisition spree in the past few months. The Indian FMCG major had in the past acquired Nigeria’s Tura soap brand and Indonesia’s household care company, the Megasari Group. It has also acquired Sara Lee’s 51 percent stake in their joint venture, Godrej Sara Lee.