Church and Dwight announce Avid Health takeover

Church and Dwight has announced a deal to acquire Avid Health, a leading manufacturer of gummy vitamins and supplements.

The $650 million (410.52 million pounds) takeover is expected to close in the fourth quarter of 2012 and will see Church and Dwight take control of a business that has generated $230 million in net sales during the 12 months ending on June 30th 2012.

Its major brands include the adult-oriented Vitafusion range and the youth-focused L'il Critters products, both of which occupy market-leading positions in their respective categories.

The deal comes as part of wider plans by the company to deliver shareholder returns of between ten and 12 percent annually after 2013.

James Craigie, chairman and chief executive officer of Church and Dwight, said: "The acquisition of Avid's gummy vitamins business … brings to our company a new growth platform in one of the fastest-growing segments of the attractive vitamin/mineral/supplement category."

According to financial results released earlier this month, Church and Dwight generated sales of $696.4 million in the second quarter of 2012, up by 3.2 percent year on year.