A popular personal lubricant brand has been bought.
English consumer goods giant Reckitt Benckiser Group signed a definitive agreement Monday to acquire the global rights to the K-Y personal lubricant brand from McNeil-PPC Inc.
McNeil, of Fort Washington, Pa., is a subsidiary of Johnson & Johnson (NYSE: JNJ).
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Financial terms of the deal, expected to close in mid-2014, were not disclosed. The companies said no employees will be changing companies because of the transaction.
K-Y started as a prescription medical product in 1917, then switched to an over-the-counter product in 1980. Read more about this story on PBJ.com.