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| Revlon Announces Consummation of the Sale of its Plusbelle Brand in Argentina |
Announces Decision to Retain Colorama, Juvena and Bozzano Brands
NEW YORK, May 10 /PRNewswire/ -- Revlon, Inc. (NYSE: REV), Revlon
announced today that it has consummated the sale of its Argentine subsidiary
which operates the Plusbelle brand to Nuevo Federal S.A., a subsidiary of
U.S.-based Dial Corporation, for $46.5 million in cash, subject to
adjustments. This follows the signing of the definitive agreement for the
sale, which was announced on March 29, 2000. Revlon used approximately 60% of
the net proceeds to permanently pay down debt, and the balance will be
available for general corporate purposes.
In addition, the Company announced that it has decided to retain its
Brazilian brands, Colorama, Juvena and Bozzano. "After a careful review of
the increasingly favorable economic conditions in Brazil and the underlying
health of our brand equities there, we've determined that we can generate more
value for our shareholders by continuing to develop these businesses than by
selling them. Additionally, the disposition of our Professional Products line
as well as the Plusbelle sale enabled us to reduce debt and has provided us
with significant additional liquidity," said Jeffery M. Nugent, President and
Chief Executive Officer.
Revlon announced in October 1999 that it would pursue the sale of its
worldwide Professional Products line and its non core Latin American brands
conducted under the Plusbelle brand in Argentina and the Colorama, Juvena and
Bozzano brands in Brazil. In March, Revlon completed the disposition of its
worldwide Professional Products line for $315 million, before adjustments,
plus $10 million in contingent consideration bringing the total purchase price
for both dispositions to approximately $370 million.
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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CONTACT:
Press - Richard Woods, 212-527-5791, or
Investor - Laura Kiernan, 212-527-5230, both of Revlon
