Gina Boswell, president of global brands, stands in an Alberto Culver lab in 2008. (Chicago Tribune/Alex Garcia)

Consumer goods group Unilever will buy U.S. hair and skin care company Alberto Culver for $3.7 billion in the latest move to rebalance its portfolio toward higher growth lines.

The news sent Alberto Culver stock up 20 percent to $37.73, near its 52-week high of $32.08, in midday trading.

Unilever’s biggest acquisition in a decade will add brands such as V05, TRESemme and Nexxus to Unilever’s existing Dove and Sunsilk, and make it the world’s leading company in hair conditioning and the second largest in shampoo. Get the full story »