LONDON -- Unilever has made its first acquisition in Russia with the purchase of approximately 90 percent of the fragrance and cosmetics company Severnoye Siyaniye of St. Petersburg.
The purchase price was not disclosed. Unilever said it plans to invest $10 million in the Russian company to upgrade its production facilities and expand its business and products. The Russian company employs about and produces lotions, aftershaves and color cosmetics. Unilever and Severnoye Siyaniye have had a co-packing agreement since early 1993 for men's fragrances.
Unilever said the acquisition is a natural step for its business in Russia following establishment of its own Russian subsidiary, UniRus, in 1992. Since then the group has launched such products in the Russian market as Denim aftershave, Lux soap, Impulse deodorants and Pond's skin cream.
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