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Home Industry News Reckitt Benckiser completes sale of skincare business

Reckitt Benckiser completes sale of skincare business

4th September 2007

Reckitt Benckiser has announced the completion of the sale of its Hermal prescription skincare segment.

Following the standard regulatory clearances in Germany, the division has been sold to Spain-based global pharmaceutical firm Laboratorios Almirall for the sum of 255 million pounds in cash.

During the transaction, the firm has been advised by investment and banking firm Goldman Sachs.

“Hermal net revenues were 58 million pounds and operating profit was 14 million pounds in 2006, representing approximately one per cent of the net revenues and profits of Reckitt Benckiser,” the company reported in July 2007

At that time, Reckitt Benckiser announced that it believed the divestment of the business unit to an international pharmaceutical company would be in the best interests of both the company and its employees.

This decision to sell the segment followed a full strategic review of options launched by the firm in January 2007, during which the company sought a swift decision in order to minimise disruption to the prescription skincare company.

Hermal was acquired by Reckitt Benckiser in January 2006 as a constituent part of Boots Healthcare International.

In April 2007, Reckitt Benckiser reported “excellent” financial results for the first quarter of the 2007 fiscal year, with the firm reporting an eight per cent increase on last year’s revenue figures to 1,258 million pounds.

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