Yes, it's true Nexxus was sold to Alberto VO5, see article below. I guess I am going to have to stock up on my Nexxus products.
Alberto-Culver Completes Nexxus Products Acquisition
MELROSE PARK, Ill., May 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- The Alberto-Culver Company (NYSE: ACV) today completed the cash purchase of substantially all of the assets of Nexxus Products Company of Santa Barbara, California including trademarks, inventory, accounts receivable and other items. The Company had announced last week that it had reached an agreement in principle with Nexxus regarding this purchase.
Alberto-Culver President and Chief Executive Officer Howard B. Bernick said, "Alberto-Culver was built on great beauty brands and professional beauty supply distribution. We believe that the Nexxus hair care product portfolio adds a strong new presence to our already successful, proven lineup. Alberto- Culver Consumer Products Worldwide has had good success in building brands like Alberto V05, St. Ives and TRESemme. I am confident that our team can grow further what Nexxus Products' founders and owners, the Redding family, have done with the brand and also add a dynamic new growth dimension to it. This transaction represents an exciting long term opportunity for Alberto- Culver," he added.
Alberto-Culver Company manufactures, distributes and markets leading personal care products including Alberto VO5, St. Ives and TRESemme in the United States and internationally. Its Pro-Line International unit is the second largest producer in the world of products for the ethnic hair care market. Sally Beauty Company is the world's number one marketer of professional beauty care products through its chain of domestic and international Sally stores. Beauty Systems Group is a network of stores and professional sales consultants selling exclusive professional beauty care brands such as Matrix, Redken, Paul Mitchell, Wella, L'Oreal, Graham Webb and Sebastian to salon owners, salon professionals and franchisees.
This press release contains forward-looking statements. These statements are based on Alberto-Culver management's current assessment of its markets and businesses. There are risks and uncertainties that could have an impact on these statements in the future. Some of the factors that could cause actual results to differ from these current projections include: the pattern of brand sales, competitive activity in each of the Company's markets, loss of distribution rights, risks inherent in acquisitions and strategic alliances, loss of one or more key employees, sales by unauthorized distributors in the Company's exclusive markets, the effects of a prolonged United States or global economic downturn or recession, changes in costs, unanticipated legal proceedings, health epidemics, variations in currency exchange rates, and changes in political, economic or other external factors over which the company has no control. The company is not obligated to update any forward- looking statement in this release.
SOURCE Alberto-Culver Company
Wesley Davidson, +1-708-450-3145, or Doug Craney, +1-708-450-3117, both of Alberto-Culver Company