The Colgate-Palmolive Company said yesterday that it had agreed to acquire the Mennen Company for $670 million in stock and cash.

Calling it a "strategic acquisition," Reuben Mark, chairman and chief executive of Colgate, said the move "significantly enhances Colgate's presence in the very large U.S. and Canadian market" for personal-care products. Mennen, based in Morristown, N.J., markets Speed Stick deodorant, Skin Bracer after shave and Baby Magic lotion.

And Jay H. Freedman, an analyst with Kidder Peabody, called it "a very nice fit."

Colgate has been struggling to introduce popular new products in the lucrative United States market for deodorants and shampoos. Mr. Freedman called Colgate's new product efforts "mixed at best." He said, "That's one of the reasons they wanted to acquire something."

The Mennen family put the company on the block in October, recognizing that small, independent companies were increasingly unable to compete with giants like Procter & Gamble Company and Unilever, which have been buying personal care companies.