Consumer beauty products group Coty has agreed a deal to buy a rival pharmaceutical firm as part of its drive to become a $5bn company.
The firm revealed it is to acquire DLI Holding, the parent company of Del Laboratories, which makes a variety of drugs such as depilatories and oral analgesics.
The deal, for an undisclosed amount of money, puts DLI, which also makes psoriasis, eczema and other skin condition treatments, as well as paediatric products, under the global Coty brand umbrella.
Coty CEO Bernd Beetz said: “We view the acquisition of DLI Holding Corp as a natural extension of our strategy to offer a unique portfolio of brands that produce some of the strongest consumer franchises around the world.
“Del’s established, well-regarded portfolio of quality products mesh well with our core offerings, and their strong presence in North America complements Coty Beauty and Coty’s international strength.”
Charles Hinkaty, president and CEO of Del Laboratories, added: “As our exceptional management team has guided Del through a sustained period of organic growth, cost reduction, supply chain enhancement and international expansion, we sought an ownership structure that would enable us to continue to build upon the organisation’s many growth opportunities.”
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