Revlon Sells Non-Core Brazilian Brands
Revlon Inc. sells its non-core Bozzano brand, a men's hair care and shaving line of products, and certain other non-core brands, which are sold in the Brazilian market. The transaction was effected through the sale of the company's Brazilian subsidiary, Ceil Comercio E Distribuidora Ltda. to Hypermarcas, S.A., a Brazilian diversified consumer products corporation.
Commenting on this transaction, Revlon President and Chief Executive Officer David Kennedy, says, "Our business strategy is to build and leverage our strong brands worldwide, particularly the Revlon brand. This transaction presented Revlon with an opportunity to monetize a non-core, non-strategic brand at a very attractive valuation, while enabling us to remain focused on building our core brands around the world."
The gross purchase price was approximately $104 million in cash. The company expects net proceeds, after payment of taxes and transaction costs, to be approximately $94 million. The company is currently evaluating the most appropriate use of net proceeds from this transaction. Revlon brand color cosmetics will continue to be marketed in Brazil through its current third party distributor.
Commenting on this transaction, Revlon President and Chief Executive Officer David Kennedy, says, "Our business strategy is to build and leverage our strong brands worldwide, particularly the Revlon brand. This transaction presented Revlon with an opportunity to monetize a non-core, non-strategic brand at a very attractive valuation, while enabling us to remain focused on building our core brands around the world."
The gross purchase price was approximately $104 million in cash. The company expects net proceeds, after payment of taxes and transaction costs, to be approximately $94 million. The company is currently evaluating the most appropriate use of net proceeds from this transaction. Revlon brand color cosmetics will continue to be marketed in Brazil through its current third party distributor.