San Diego, CA, Feb. 10--WD-40 Company and PZ Cussons plc today announced they have signed a definitive purchase agreement in which WD-40 Company will acquire the 1001 brand of carpet cleaning products.
"1001 is the leading brand of carpet cleaning products in the United Kingdom and this acquisition is a great match that takes advantage of our core competencies," said Garry O. Ridge, WD-40 Company president and chief executive officer.
"The brand provides a platform for successfully introducing new items into the UK market," Ridge said. "We believe we can leverage our distribution strengths to continue to grow this brand in the UK market."
The purchase price of approximately 6.2 million pounds Sterling will be funded through a cash transaction. The company expects this acquisition to be accretive to earnings in its first full fiscal year. The company expects to complete the purchase by the end of business day of April 2.
The 1001 brand was originally positioned as an all-purpose household cleaner and evolved into a line of carpet care products over the years. The line includes the trigger spot stain remover, liquid carpet shampoo, and aerosol carpet cleaning mousse among other products. 1001 is a leading brand in carpet care with 65% brand awareness and over 40% market share in the UK.
