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Essity buys 80% of Canada's Knix Wear for $313 million

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FILE PHOTO: Essity sign is seen in Stockholm
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STOCKHOLM (Reuters) -Sweden's Essity on Friday said it had agreed to buy 80% of Canadian company Knix Wear, a maker of leakproof apparel for periods and incontinence, for around 3.3 billion Swedish crowns ($313.49 million).

Essity said in a statement the acquisition would make it the global market leader in leakproof apparel, predicting the market segment would grow by more than 20% annually in the next five years, excluding Asia.

The world's second-biggest consumer tissue maker this week announced it had agreed to buy Australian leakproof apparel maker Modibodi.

It already offers leakproof wear under feminine care brands such as Libresse and Bodyform, and within incontinence products with its TENA brand.

Essity expects to finalise the acquisition in the second half of the year.

($1 = 10.5265 Swedish crowns)

(Reporting by Anna Ringstrom, editing by Essi Lehto and Jason Neely)

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