ATLANTA (AP) -- Cleaning products company Zep Inc. announced Tuesday that it has completed its purchase of Mykal Industries Ltd. for an undisclosed price to expand its reach in Europe.
Mykal, based in the United Kingdom, makes private-label and branded cleaning products, including stain remover De.Solv.It. Its revenue in calendar 2011 was about $7 million, Zep said.
Zep, based in Atlanta, said it completed the deal with cash on hand and expects to recognize acquisition costs in its third and fourth fiscal quarters. The acquisition is expected to be profitable in the company's fiscal 2013. Zep reported revenue of $646 million for its fiscal 2011, which ended last August.
Shares of Zep, which makes products such as Niagara National and Washtronics, fell 43 cents, or 4.1 percent, to $13.25 in afternoon trading.
