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| Revlon Announces the Sale of its Plusbelle Brand for $46.5 Million |
NEW YORK, March 29 /PRNewswire/ -- Revlon, Inc. (NYSE: REV) announced today that it has signed a definitive agreement with Nuevo Federal S.A., a subsidiary of U.S.-based Dial Corporation, to sell an Argentine subsidiary which operates the Plusbelle brand for $46.5 million in cash, subject to adjustments. Plusbelle is a brand of value priced shampoo and conditioners, which is distributed principally in Argentina. The transaction, which is subject to a number of conditions, is expected to close by early May of 2000. Jeffrey M. Nugent, President and Chief Executive Officer of Revlon, Inc. commented, "The disposition of this non-core brand is another step in our previously announced plan to achieve greater focus on our core businesses and to reduce debt. We will apply a portion of the net proceeds to reduce the commitment under our worldwide credit agreement and the balance will be available for general corporate purposes." This transaction includes the facility in Garin, Argentina, which is dedicated to manufacturing Plusbelle. Forward-Looking Statements Information in this press release which is not historical is forward looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include Revlon's expectations and estimates about future events, including Revlon's expectation that it will consummate the sale of the Plusbelle business by early May of 2000. Actual results may differ materially from such forward-looking statements for a number of reasons including difficulties, delays or an inability to consummate the sale of the Plusbelle business. Revlon is a worldwide cosmetics, skin care, fragrance and personal care products company. The Company's vision is to become the world's most dynamic leader in global beauty and skin care. A web site featuring current product and promotional information can be reached at http://www.revlon.com. Revlon brands include Revlon(R), Almay(R), Ultima II(R), Charlie(R) and Flex(R) and they are sold in approximately 175 countries and territories.SOURCE Revlon, Inc.
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