Oh no, they sold Toms of Maine
How did this one slip by the radar?
Colgate Palmolive, once knocked by Tom's for putting artificial ingredients & sweeteners like saccharin in their toothpaste, paid $100 million cash for an 84% stake in the Kennebunk, Maine based business. However, Tom Chappell, the man himself, said that neither Tom's of Maine's business philosophy nor its product lines would change despite the majority share of Colgate.
With annual sales of around $50 million, Tom's will remain a stand-alone subsidiary of Colgate, though the familiar packaging will make no reference to its new owner.
Despite the mixed feelings of loyal & long term customers, Toms hopes to utilise the financial muscle and distribution of its new parent company to reach a wider market with aims to expand in the rapidly growing U.S. market for natural products. Growth in natural healthcare products in the U.S. is around 15% per annum with Tom's products distributed in Canada and here in the U.K.
Let's hope Tom's of Maine keeps doing what it does best - natural products and benefiting the environment.