Revlon acquisition raises jobs optimism
OXFORD — Revlon’s purchase of The Colomer Group could add jobs to the company’s Granville County facility.
According to reports, the deal was made on Oct. 9 for $665 million in cash.
Efforts to reach Elise Garofalo, Revlon senior vice president, were unsuccessful.
The Colomer Group sells professional products primarily to salons and other professional channels and has about $500 million in annual net sales, according to an Oct. 9 Revlon press release.
The acquisition will expand Revlon’s global presence. Of The Colomer Group’s net sales, about 50 percent are in Europe, the Middle East and Africa, according to the release.
Revlon’s brand franchise, which includes Mitchum anti-perspirant deodorants and Almay, will gain Shellac nail polishes and American Crew men’s hair care through its purchase of The Colomer Group.
On Oct. 9, the cosmetic company’s stock rose 0.05, or .002 percent, from the previous day.
In a February report to the commissioners of Granville County, Bill Edwards said he believed the county was “on the cusp of really great things.” Edwards is the county’s economic development director.
Revlon was included in Edwards’ report of new investment, theirs at $47 million, by existing companies in the county.
Thirteen months ago, The Wall Street Journal’s Market Watch reported Revlon was cutting 250 jobs amid restructuring actions to curb costs $10 million annually. The moves were expected to be advantageous for the plant in Oxford. At the time, the plant employed about 1,400 full-time and Steven Berns, the chief financial officer of the company, said there would be no job losses in Oxford.
Berns also said the Oxford plant housed the core of Revlon’s manufacturing, providing 75 percent of its global production.
Revlon’s third-quarter sales report released on Oct. 24 showed net sales at $339.4 million, a decrease of $7.6 million, or 2.2 percent, compared to the same period last year.
In the U.S., net sales in the third quarter of 2013 were $185.8 million, a decrease of $6.2 million, or 3.2 percent compared to the same period last year. The decrease was driven by lower net sales of Revlon and Almay color cosmetics, according to the report.