Great Lakes Expands Consumer Products Portfolio with Acquisition of Lime-O-Sol
Great Lakes Chemical Corporation announced that its BioLab Inc. subsidiary, a leading provider of recreational and industrial water treatment products, has acquired the Lime-O-Sol Company, including its brand of specialty household cleaning products marketed under the trade name The Works®. Terms of the agreement were not disclosed.
"The acquisition of Lime-O-Sol is among the first examples of Great Lakes' growth strategy in the consumer products market," said Mark Bulriss, Great Lakes chairman, president and CEO. "BioLab's and Lime-O-Sol's combined strength in brand and channel management, consumer marketing, and product innovation will immediately expand Great Lakes' ability to offer products that sanitize, disinfect, and eliminate germs and contaminants beyond the pool and spa market, and into the area of household cleaners, as well."
Bulriss said that based on 2002 results, the Lime-O-Sol acquisition will add in excess of $40 million in annual revenues, and is expected to be accretive to earnings in 2003.
Lime-O-Sol, founded in 1947, produces and markets The Works brand of non-abrasive bathroom cleaners, glass and surface cleaners, tub and shower cleaners, toilet bowl cleaners, drain openers, and rust and calcium removers.
"Lime-O-Sol is an excellent fit for BioLab-we're both successful niche consumer products companies with an emphasis on taking care of our customers, product development, and profitable growth," commented Larry Bloom, president and CEO of BioLab. "It's clear we can build on Lime-O-Sol's regional strength by leveraging our global customer base and marketing capabilities to accelerate the growth of this exciting brand."
Lime-O-Sol products are marketed directly to consumers through grocery stores, mass merchandisers, dollar stores, hardware stores, farm and fleet operators, and discount clubs throughout the Midwest.
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