* BRAZIL: Household and institutional product maker The Clorox Company, Oakland, CA, has terminated its agreement to form a joint venture with Bombril S.A., the leading Brazilian cleaning utensils and household cleaner business. Clorox said in late January it would buy a 50% stake in Detergents Bombril S.A. The company told Bombril last month, however, that it was canceling the agreement because some of the transaction's conditions had not been satisfied, a release issued by Clorox said. Clorox chief executive officer Craig Sullivan said in the release that the company remained committed to its strategy for growth in Latin America, and that it would continue to look to invest in countries and businesses with potential for strong sales growth and profitability.
Cognis Signs Agreement with Danish Company
* GERMANY: Cognis, Dusseldorf, recently signed an agreement with Aarhus Oliefabrik A/S to distribute the Danish company's line of Cegesoft cosmetic ingredients. Aarhus Oliefabrik has a strategic department specializing in the manufacture of glycerides and derivatives, exotic vegetable oils and fats which are mainly used in the skin, hair, body and oral care segments.
The company, like Cognis, focuses on utilizing renewable raw materials in oleochemistry. "We see this cooperation as an important strategic step in expanding Cognis' product portfolio--especially in skin care," explained Petra Biehl, product manager, skin care at Cognis.
Dutch Court Investigates Gucci Group
* THE NETHERLANDS: A Dutch court has ordered an investigation into alleged mismanagement at Gucci Group that led to a $3 billion white-knight deal with French retailer Pinault-Printemps-Redoute (PPR) in 1999. Amsterdam's Enterprise Court agreed to LVMH Moet Hennessy Louis Vuitton's demands for the probe, which LVMH has been urging since 1999, when its bid to buy a dominant stake in Gucci was thwarted by the PPR deal.
Under the terms of the 1999 transaction, PPR bought a 42% stake in Gucci in an operation that diluted LVMH's holdings to 20% from 34%. LVMH stills holds that stake and has been trying to unravel the PPR transaction by legal means since mid-1999, arguing that the deal violated minority shareholder rights. The court said the inquiry would also cover an employee stock-ownership plan launched by Gucci in February 1999. The investigation is likely to take up to six months, court officials said.
Italian Association for Cosmetic Ingredients Joins EFFCI
* EUROPE: The European Federation for Cosmetic Ingredients (EFFCI), created six months ago by FPS/COVEREC (France) and TEGEWA (Germany), has added the Italian Association for Cosmetic Ingredients as a member. The Italian Association was established early in 2001 as part of ASSOCHIMICA, under the umbrella of the large Italian Federation FEDERCHIMICA. As a result, nearly 100 companies involved in the field of cosmetic ingredients in Europe are now represented by EFFCI through their international associations. EFFCI president Jean-Pierre Barrere commented, "With the presence of the Italian industry, the ability of the EFFCI to contribute to the improvement of the quality of cosmetic ingredients as well as consumers' safety will be seriously enlarged. The authorities and the cosmetic industry associations will have a stronger partner in order to face the evolutions of the cosmetic markets and the challenges of the next decades."
Cosmoprof Asia Proves to be a Success
* HONG KONG: Hong Kong-based Cosmoprof Asia is proving to be the top event in the Asian Pacific region for the beauty industry, according to show organizers. With nearly 12,000 square meters of net exhibition area and 650 exhibitors from 33 countries and regions, the event attracted 26,000 visitors last year, out of which more than 11,000 were international visitors. In five years, Cosmoprof Asia has grown from 5,000 square meters to its present size. In 2000, Cosmoprof Asia registered a strong 27% increase in the number of exhibitors which included 14 national and group pavilions. More than 11,000 qualified international visitors mainly from China, Taiwan, Korea and Japan visited exhibitors at their stands during the three-day show. The sixth Cosmoprof will be held Nov. 13-15 at the Hong Kong Convention and Exhibition Centre.
CCL Sells Shanghai Joint Venture
* CANADA: CCL Industries Inc., Toronto has sold its interest in its aerosol and liquid filling and propellant manufacturing joint venture in Shanghai for an undisclosed amount of cash and the assumption of debt. CCL and its Western partner, Diversified CPC International Inc., each sold their one-third interest to the local Chinese joint venture partner, Xin Development Co.
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|Publication:||Household & Personal Products Industry|
|Date:||May 1, 2001|
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