BEIERSDORF BUYS FLORENA
Byline: Melissa Drier
HAMBURG — Beiersdorf has acquired the remaining 75.1 percent stake in Florena, becoming sole owner of the former east German skin care company.
In May 2001, Beiersdorf bought a 24.9 percent share of the Waldheim-based company, with which it has close contacts even before the reunification of Germany. In 1989, Florena began authorized production of Nivea products in the factory Beiersdorf had previously built on the Florena premises in Waldheim.
Beiersdorf also played an advisory role in the privatization and management buyout of the company in the early Nineties by Gunter Haferkorn, Heiner Hellfritzsch and Reinhard Hubner. The three men will now leave the firm.
Beiersdorf, which would not reveal financial details of the deal, said Florena would operate as an independent subsidiary within the Beiersdorf Group.
In the last 10 years, Florena has seen continuous sales growth. In 2001, sales rose 23.1 percent to hit a new record of $60.4 million. All dollar figures are calculated from the euro at current exchange rates.
Exports represent 30 percent of sales, and Florena currently has 270 employees, up from 150, 10 years ago.