Bart Becht, Reckitt Benckiser chief executive, said: "The acquisition will add two new 'Powerbrands' with good further growth potential – Durex and Scholl – to Reckitt Benckiser's current arsenal of 17," he said.

The firm expects cost savings of around £100m a year by the end of 2012 and the deal will expand its presence in China and Japan.

SSL chairman Gerald Corbett said: "Reckitt Benckiser is a well-regarded company and I am sure our brands and people will be in good hands."

The firm said there would be some staff reductions at the combined company but there would be a "fair and open" selection process.

SSL reported sales of £802.5m in the year to 31 March and an operating profit of £126m.