SHANGHAI, CHINA (AP) -- Health-care products giant Johnson & Johnson said Wednesday it has bought one of China's best-known cosmetics companies, a move that will expand J&J's line of skin-care products on the Chinese market.
Johnson & Johnson China Investment Co. Ltd. acquired Beijing Dabao Cosmetics Co. Ltd., which was about 83 percent owned by the Chinese government and 17 percent owned by company employees, from Beijing Sanlu Factory and the employees' group, Beijing Dabao Co. Ltd. Staff Shareholding Committee.
The deal was just completed after all the necessary government approvals were received. J&J is not disclosing financial terms of the deal, nor any information about revenue or profit at Beijing Dabao.
"This transaction is an extension of our commitment to China, and to the continued development of China's consumer health care sector," Jesse Wu, president of Johnson & Johnson China Investment Co., said in a statement.
New Brunswick, N.J.-based Johnson & Johnson started its first joint venture in 1985 in China, where it sells skin-care brands including Neutrogena, Clean & Clear and Johnson's Baby products.
Dabao sells products well-known in China, such as Sod Milk and Beauty Day Cream, along with facial cleansers, anti-wrinkle cream, perfumes, foundation and other cosmetics.
Johnson & Johnson China Investment Co. was established in 1998. It recently launched a family health educational campaign in China, Wu noted.
Johnson & Johnson is an official partner of the Beijing 2008 Olympic Games and Paralympic Games.
In morning trading, J&J shares were down 45 cents at $68.08.