Dabur buys Turkish firm Hobi Kozmetik for $69 million
26 July 2010
Dabur India today announced the acquisition of Hobi Kozmetik Group, a leading personal care products company in Turkey, for $69 million (about Rs324 crore), to expand its markets in West Asia and North Africa.
Dabur's overseas subsidiary, Dabur International Ltd, acquired 100-per cent stake in three Hobi Group firms - Hobi Kozmetik, Zeki Plastik and Ra Pazarlama, in Dabur's first-ever overseas acquisition.
Dabur, which is aggressively expanding in the fast moving consumer goods (FMCG) space, expects to complete the transaction by September this year.
The acquisition of Hobi Kozmetik is in line with Dabur's global strategy of scaling up FMCG operations, the company said in a release.
"This acquisition is an important step towards further consolidating and expanding our already substantial presence in the Middle East and North Africa region," Dabur India chairman Dr Anand Burman said.
Hobi Kozmetik is a leading manufacturer of personal care products in Turkey. The company is a market leader in the hair gel category with a 35 per cent share, and markets a wide range of hair care and skin care products under the 'Hobby' and 'New Era' brands. The company markets its products across 35 countries, including the Middle East and North Africa.