Bayer sells Dr. Scholl's foot care business to Boston firm

 
 
Updated 7/22/2019 9:00 AM

BERLIN -- German pharmaceutical and chemical company Bayer AG says U.S. investment firm Yellow Wood Partners will buy its Dr. Scholl's foot care business for $585 million.

Bayer said Monday that the sale will enable it to "focus on building its core over-the-counter brands." It said that Yellow Wood Partners, based in Boston, will create a stand-alone company and plans to invest in all aspects of the business.

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The transaction, which requires approval from competition authorities, is expected to close in the fourth quarter.

Dr. Scholl's, which had sales of $234 million last year, makes insoles, inserts and a variety of foot care and treatment products.

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