The company that owns Arm & Hammer has agreed to buy Fort Collins - based Water Pik for about $1 billion in cash.  Church & Dwight Co. is reportedly making the move to expand its presence in the oral care business.

According to Business Wire, the deal is expected to close in the third quarter. Church & Dwight has a line of oral care products, including Arm & Hammer toothpaste, battery-operated toothbrushes branded under Spinbursh and Orajel oral analgesics.

Water Pik had $265 million in sales worldwide in the 12-month period ending June 30. About 70% of its sales were from water-jet flossers, with the rest coming from showerheads and is "the #1 water flosser brand and the #1 replacement showerhead brand in the U.S."

The company plans to keep the Water Pik replacement showerhead business and plans to keep the Fort Collins facility open. The company employs more than 100 workers at its corporate headquarters, which is at the corner of Prospect Road and Riverside Avenue.