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Carson Sells Cutex to Shansby for $30 Million

December 11, 1998|Bloomberg News

Carson Inc., the biggest maker of ethnic hair-care products, sold its Cutex nail-polish-remover business for $30 million to Shansby Group to concentrate on its hair-care business. Shansby Group, a closely held San Francisco investment firm, formed Cutex Co. to buy the business. Carson, which will retain the nail- and lip-coloring product lines, bought the Cutex businesses from Unilever's Chesebrough-Pond's unit in April 1997 for about $41 million. Savannah, Ga.-based Carson said a portion of the sale proceeds will be used to reduce debt. Carson employs almost 700 people and sells products in more than 60 countries under brand names such as Dark & Lovely and UltraSheen. Its stock rose 50 cents to close at $3.31 on the NYSE.

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