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HAMBURG, Germany Beiersdorf AG is bolstering its foothold in China by acquiring, through its Austrian 100 percent affiliate Beiersdorf CEE Holding GmbH, a majority stake in C-Bons Hair Care.
Once the deal closes, which is expected to occur by the end of 2007, Beiersdorf will have an 85 percent stake in the company. Global Source will maintain a 15 percent stake in the business for an interim period of at least two years after the closing. After that period, Beiersdorf has the option to acquire the remaining 15 percent stake.
Wu Yong-nan, current president of C-Bons Hair Care, will become chief executive officer of the new company at the close of the deal. Werner Brettschneider, Beiersdorf’s newly appointed president for Greater China, will become chairman of the new entity.
The C-Bons Hair Care business complements Beiersdorf’s skin care business and its hair care products.
“We are very pleased to have taken another significant step forward in the China market,” stated Thomas-B. Quaas, Beiersdorf chief executive officer. “C-Bons Hair Care is an ideal extension of our already successful Nivea business, adding established domestic consumer brands and strong market positions.”