Many of us have appreciated Tom's of Maine for their all-natural oral care products.
News Flash: Colgate-Palmolive has just bought them for $100,000,000 in cash.
Here's an excerpt from the company's press release:
After much soul-searching, and many conversations with our children and trusted advisors, we realized that we cannot meet this growing demand alone. We decided to seek a partner to help us. It's been a quest that we entered with trepidation and excitement because we wanted to find a company that would honor our values, and we were unwavering in our commitment to stay intact in Maine as Tom's of Maine. We are happy to report to you that we did find a partner who has a deep understanding and respect for what we've done and wants to build on that with us.
Here is our good news: we have chosen to become part of the Colgate-Palmolive Company. We will keep a minority ownership in Tom's of Maine, and are looking forward to continuing as CEO and Vice President to ensure long-term sustainability. The agreement we have worked out succeeds in preserving the character, spirit, and values of our company as we grow.
You can read the complete article here.
1 comment:
Hey Jeff, Just so you know. I responded to your comment on my blog.
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