Paris, August 20, 2002 - 6 p.m.
L'Oréal, the world’s leading cosmetic company, today announced the acquisition of ARTec Systems Group, Inc. by L’Oreal’s wholly owned U.S. subsidiary, L’Oréal USA.
Headquartered in Long Island, New York and founded in 1990 by Mr. Leland Hirsch and Mr. Michael Mazzei, ARTec markets hair care and hair color products for the professional salon industry. Among the company’s brands are Textureline, Purehair, Kiwi, Enamels, and Spaline all of which are used and sold exclusively through authorized distributors to beauty salons. ARTec sales in 2001 were $ 38 million worldwide.
“The products of ARTec benefit from a premium image among American hairdressers”, declared Mr Jean-Jacques Lebel, L’Oréal President Professional Products worldwide. “ Their future development will be made in association with the L’Oréal Professionnel brand enhancing our presence in America’s most prestigious salons”, added Jean-Jacques Lebel.
“This acquisition will further reinforce L'Oréal’s commitment to the beauty salon industry and its partnership with distributors and hairstylists,” said Mr. Jean-Paul Agon, President and CEO of L'Oréal USA.
“After a decade of being one of the fastest growing beauty industry companies, L’Oréal is the perfect parent organization to help ARTec achieve its expansion goals,” said Mr. Hirsch, President and CEO of ARTec. “What’s more, L’Oréal’s dedication to the salon business and its commitment to quality and excellence mirrors our own company’s philosophy,” Mr Hirsch added.
L’Oréal Professionnal Products, the market leader in salon products, with brands like Matrix, Redken, Kérastase and L’Oréal Professionnel in its portfolio, is managed in the United States by David Craggs, President of the US Professionnal Products Division.
|Contacts at L'ORÉAL|
| Shareholders and Market Authorities |
Mr. François ARCHAMBAULT
Phone: +33 220.127.116.11.45
|Analysts and Institutional Investors |
Mrs Caroline MILLOT
Phone: +33 18.104.22.168.82
Fax: +33 22.214.171.124.02
Mr. Lorrain KRESSMANN
Phone: +33 126.96.36.199.24