SC Johnson & Son Inc. reached an agreement to acquire Sara Lee Corp.'s global shoe care business, which includes the Kiwi brand, in a deal worth $328 million.
SC Johnson said Kiwi, founded in 1906, is a leader in the shoe care category just like many of the company's other household brands, including Pledge, Glade, Mr. Muscle, Windex and Ziploc, lead their respective categories. It claims to be the number one shoe care brand offering shoe polish, cleaners, insoles and shoe laces.
The deal also includes Sara Lee’s Bama International, which sells shoe accessories in specialty channels in Europe and Canada, and Kiwi Kleen, a line of household cleaning products sold mainly in Asia Pacific using the Kiwi branding.
SC Johnson expects the deal to be finalized by mid 2011 after the customary regulatory clearances and is currently working on transition plans for the business. Sara Lee, which bought Kiwi in 1984, is divesting many of its household and body care brands to focus on its core protein and coffee businesses.
