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Evonik Selling Stoko Professional Skin Care Brand
Posted: March 20, 2014
Evonik Industries announced it is selling its global line of skin care products for professionals, a business that the company bundles under the brand name Stoko Professional Skin Care. The purchase agreement was signed on March 19, 2014, with the buyer, the Deb Group of Denby, Great Britain, a global leader for skin care systems used in occupational and public settings. The contracting parties agreed not to disclose the purchase price, and the transaction closing is anticipated in two months, pending approval by the Evonik supervisory board and German antitrust authorities.
“We continue to direct our portfolio toward high-margin specialty chemicals businesses. While Stoko Professional Skin Care enjoys an excellent reputation on the market, its business model fundamentally differs from that of Evonik today. As such, we have decided on a buyer that can best realize the growth potential of the business. We believe that Deb will be a good home for Stoko and its people,” said Patrik Wohlhauser, a member of the Evonik executive board.
For the Deb Group, the acquisition is part of a clear growth strategy aimed at continuing to strengthen the company’s position as a global leader on the skin care market. The Stoko purchase particularly stands to benefit the Deb Group by strengthening its market position in Europe and the U.S. In addition, with the help of Stoko, Deb plans to increasingly expand into the new markets of Russia and Brazil. Stoko’s strengths in product quality, service and innovation are a complement to the Deb Group’s sales channels and product portfolio. Its innovative business also makes the Stoko brand a powerful addition to the Deb Group lineup.
“It has been a longstanding ambition of Deb’s to join forces with Stoko. We want to create the world’s most comprehensive and effective skin care product range for the workplace drawing on the significant innovation portfolio within both companies. This, in concert with vital information provided by Deb’s unique compliance monitoring technology, will fundamentally alter and improve standards of skin care behavior,” said Bryan Anderson, CEO of Deb.
Stoko develops, produces, and markets products for professional skin protection, as well as cleansing, care and disinfection. The company’s production sites are in Germany (Krefeld), the U.S. (Greensboro), and Russia (Podolsk).