|
|
| Brazil: Revlon Sells Colorama Brand |
NEW YORK, July 16 /PRNewswire/ -- Revlon Inc. (NYSE: REV) today announced that it had consummated the sale, to the L'Oreal Group, of the Colorama brand of cosmetics and hair care products as well as Revlon's manufacturing facility located in Sao Paulo, Brazil for a purchase price of approximately $56.0 million USD. The Colorama brand includes nail enamel, lip color, shampoo and conditioners sold primarily in Brazil. Revlon will use the net proceeds after transaction costs to permanently reduce commitments under its credit agreement by $22 million. The balance of the net proceeds will be used for general corporate purposes. "This sale of a non-core asset is another concrete step for Revlon," said Jeffrey M. Nugent, President/CEO, Revlon, Inc. "We are aggressively executing our plan, including the launch of new products, new advertising, reducing SG&A costs, improving manufacturing efficiencies, more efficient trade terms and aligning employee and shareholder interests." 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. The Company's brands include Revlon, Almay, Ultima, Charlie and Flex and they are sold worldwide.SOURCE Revlon Inc.
back to topRelated links:
CONTACT:
Press - Catherine Fisher, +1-212-527-5727, or
Investor - Laura Kiernan, +1-212-527-5230, both of Revlon Inc.
