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The Marico Group has acquired, the hair care brand HairCode of Cairo-based Pyramid Group, the company for an undisclosed sum. Under the terms of the alliance, Marico will also invest in a manufacturing company in Egypt. Meanwhile, Pyramid will continue to distribute HairCode for the medium term. Pyramid has also signed a non-compete agreement with Marico. According to Maricos chief financial officer Mr Milind Sarwate HairCode, which includes hair creams and hair gels, currently has a 23 per cent share of the market . The acquisition of HairCode comes three months after Marico acquired Fiancee in Egpyt. The two brands combined give Marico a 50 per cent plus share of the hair care market in Egypt with a combined turnover close to Rs 110 crore, the official added. The acquisition of HairCode will allow Marico to significantly leverage its resources in Egypt, Mr Sarwate said. "The two brands combined will give us a turnover of over Rs 100 crore, which is a sizeable package to manage," he added. "The acquisitions are part of our overall growth strategy."
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| Posted : 12/21/2006 |
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