Revlon expands portfolio with latest acquisition
According to the cosmetics giant, to finalize the transaction, it used $22 million of its revolving credit line in addition to an undisclosed sum of cash on hand.
Its CEO Alan Ennis says the company's scope now is to recover a leading role in the cosmetics sector, which has experienced years of difficulties, and to “produce high-quality products at affordable prices.”
“We have kept our costs down,” says Ennis; "We now have a 25 percent operating income margin. Over the last four years, we’ve generated $250 million of positive cash flow. So after 15 years of burning cash, we generated positive cash flow."
For the future, the CEO says the company is focusing on improving its presence in Asia, particularly in China, and on further developing in the USA.