October 31, 2007

NC business goes for $925 million

One of North Carolina's home grown businesses sells for $925,000,000!

Burt's Bees has been on the market for one month and Clorox corporation plans to purchase it for $925 million. The deal will close by the end of 2007 and will remain in Durham, NC, and keep it's current chief executive, John Reploge. Burt's Bees has a strong reputation in health and wellness directions and compliments Clorox company's new Green Works line of natural cleaning products.
News & Observer
October 31, 2007
Vicki Lee Parker

Clorox to buy Burt's Bees for $925 million

Just over a month after being put up for sale, Burt's Bees, the Morrisville-based maker of natural personal-care products has a buyer.

Clorox Co., of Oakland, Calif., said this morning that it plans to purchase Burt's Bees for $925 million.

Clorox executives said the purchase will allow it to expand beyond its core business into the fast-growing consumer care market.

"The Burt's Bees brand is well anchored in sustainability and health and wellness," Donald R. Knauss, Clorox chairman and chief executive said in an statement. "Combined with our new Green Works line of natural cleaning products, and Brita water filtration products, we can leverage Burt's Bees extensive capabilities and credibility to build a robust, higher-growth platform for Clorox."

The company also reported said that Burt's Bees, which was founded in 1984, will remain based in North Carolina and continue to be headed by John Reploge, its current chief executive.

The deal is expected to close by the end of the year and is subject to regulatory approval. Original article...


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