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P&G picks up New Zealand's Snowberry

Consumer goods giant Procter & Gamble Co. has acquired New Zealand skincare company Snowberry, the latter confirmed Feb. 8 to S&P Global Market Intelligence.

Snowberry would not disclose the financial terms of the transaction, which was signed Feb. 1 and completed Feb. 6, according to S&P Capital IQ data.

However, the deal could be worth "tens of millions of dollars," The New Zealand Herald reported Feb. 6, citing a source.

Snowberry's General Manager Greg Billington also told the newspaper that P&G had been attracted to the company by its use of natural ingredients and innovation in its product line. It grows and harvests some of its own product ingredients.

The acquisition could enable Snowberry, which sees its products sold primarily in New Zealand, China and the U.S., to further expand its footprint, he added.

The company's Auckland-based management will remain unchanged in the wake of the takeover.