March 4, 2009 / 1:09 PM / 10 years ago

UPDATE 1-Helen of Troy buys P&G's Infusium 23 haircare business

March 4 (Reuters) - Personal-care products maker Helen of Troy Ltd (HELE.O) agreed to buy Procter & Gamble Co’s (PG.N) Infusium 23 hair-care business for an undisclosed amount.

Helen of Troy, which plans to integrate Infusium 23 into its Idelle Labs division of skin- and hair-care products, said it expects the deal to add to earnings immediately.

The company estimates the Infusium 23 business to generate about $40 million in sales on an annualized basis, and expects the deal to close by March 31.

Last October, Helen of Troy bought hair-care products label Ogilvie from bankrupt Ascendia Brands Inc (ASCBQ.PK) for about $4.7 million. (Reporting by Dhanya Skariachan in Bangalore; Editing by Amitha Rajan)

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