Church & Dwight, a New Jersey-based maker of household products, announced its intention to buy buyout firm Kelso’s 50 percent stake in Armkel, the maker of Trojan condoms, for $254 million (€214 million).
The buyout firm will reap a reported $137.2 profit on the deal.
The deal was conceived in 2001 when Kelso teamed with Church & Dwight to buy the consumer products business of Carter-Wallace for $739 million, including debt.
Armkel also sells pregnancy-detection kits and hair removal products.
Church & Dwights announcement came as it reported preliminary results for the first quarter of 2004.
The statement said Armkel's sales in 2003 totaled $411 million and net income was $50.2 million.