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Hair Channel News
L'Oreal buys U.S. hair products company.
20 Aug-2002 (PARIS) French cosmetics company L'Oreal SA said Tuesday that it has acquired U.S. hair products company Artec Systems Group Inc. as it targets a higher profile in the beauty salon profession.
L'Oreal didn't disclose terms of the deal, but said New York-based Artec had revenue of dlrs 38 million last year.
Artec was founded in 1990 and markets hair care and hair color products for beauty salons, L'Oreal said.
Jean-Jacques Lebel, head of L'Oreal's professional products division, said Artec products enjoy "a premium image" among U.S. hairdressers.
The acquisition is L'Oreal's first this year and is in line with the company's strategy of making small purchases rather than buying well-known mass-market brands.
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