CINCINNATI, OH (FOX19) - Procter & Gamble Co. announced Thursday it will acquire the consumer-health business from Germany's Merck KGaA for $4.2 billion.
The deal adds Merck's vitamin and food supplements to P&G's existing roster of over-the-counter medicines.
P&G officials said in a prepared statement this will "compliment" their health brands Vicks, Metamucil, Pepto-Bismol, Crest and Oral-B.
"We like the steady, broad-based growth of the OTC Health Care market and are pleased to add the Consumer Health portfolio and people of Merck KGaA, Darmstadt, Germany, to the P&G family," said Board Chairman David Taylor, who also is president and chief executive officer.
The deal will improve P&G's OTC geographic scale, brand portfolio and category footprint in the vast majority of the world's top 15 OTC markets, he said.
These brands provide great solutions in relieving muscle, joint and back pain, colds and headaches, as well as supporting physical activity and mobility, many of which are treatment areas not currently addressed in P&G's portfolio.
"Over the past few years, our Health Care business has delivered consistent growth and strong shareholder value creation," said Steve Bishop, Group President, Global Health Care. "The Consumer Health business of Merck KGaA, Darmstadt, Germany, brings a strong set of brands, products and capabilities, and provides an attractive and complementary footprint to further fuel growth as we continue to grow our existing leading brands."
Read the company's entire announcement here.