Jarden Corp. said Wednesday it has made an offer to buy the Mapa Spontex Baby Care and Home Care businesses of Total SA for $500 million in cash in a move to enter the baby and home care markets.
Paris-based Mapa makes and distributes baby items such as feeding bottles under the NUK, Tigex and Lillo brands, among others. Home products including sponges, rubber gloves and cleaning products are sold under the Mapa and Spontex brands. For the year ended Dec. 31, 2008, sales totaled about $800 million.
Jarden, a consumer products distributor based in Rye, N.Y., said Mapa will diversify its revenue streams and boost its international presence. The company said Mapa Spontex has a strong market presence in Europe, Latin America and North America, and a global manufacturing base that includes facilities in Brazil, France, Germany, Malaysia and Spain.
The deal, which Jarden noted is its first meaningful acquisition in two years, is expected to close in the second quarter of 2010 and immediately add to earnings.
Deutsche Bank Securities Inc. acted as Jarden's financial adviser and Societe Generale advised Total SA.
Jarden stock gave up 34 cents to close earlier at $28.19.