Godrej Consumer Products acquires Argencos in Argentina

Godrej consumer products ltd (GCPL) on Wednesday announced the acquisition of a 100 per cent stake in Argencos, an Argentine haircare company.

Argencos is a major player in the Argentine market, with 17 per cent market share in the kit format. Its brands 'Roby' and '919' have strong market presence in the hair styling sprays and mid-premium space, GCPL said in release.

The acquisition comes close on the heels of its acquisition of Issue group.

"Argencos is a perfect, complementary add-on to our earlier acquisition of Issue Group. The portfolios of the two companies are very complementary in the hair colorant space and they will add to each other's strengths," GCPL chairman Adi Godrej said.

The combined sales of the two Argentine transactions is said to be over $45 million.

"Over the last few years, we have been following a very disciplined and focused approach to identifying acquisitions that represent a strong fit to our business, both strategically and operationally," Godrej said.