March 18, 2020 / 9:44 AM / 12 days ago

RPT-S.Africa’s Adcock Ingram buys Plush Professional in push into homecare market

(Repeats to change reporting credit, no other changes)

JOHANNESBURG, March 18 (Reuters) - South African drugmaker Adcock Ingram said on Wednesday it had bought homecare products company Plush Professional Leather Care as part of plans to diversify into less regulated products.

Adcock gave no financial details of the acquisition.

Plush offers an extensive range of homecare, cleaning and leather care products. Its products are sold through most major retailers in South Africa and selected Southern African countries.

Adcock, which makes Panado pain tablets and Bioplus energy supplements, said historically the business generates revenue in excess of 200 million rand ($11.85 million) per year.

“The Plush acquisition is firmly in line with Adcock Ingram’s strategy of diversifying into less regulated product classes in the consumer sector,” it said in a statement.

“It will enable the establishment of a homecare business within Adcock Ingram that already has critical mass, allowing us to compete in this category in the southern African market.”

As part of the transaction, Plush’s existing senior management team will remain involved with the company for minimum periods of between 12 and 18 months in order to facilitate an orderly transition of the business into the Adcock Ingram group, it added. ($1 = 16.8825 rand) (Reporting by Nqobile Dludla; Editing by Emilia Sithole-Matarise)

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