The Marico Group today said it has entered Malaysian hair styling market through acquisition of the brand Code 10 from Colgate-Palmolive Company.
The deal, for an undisclosed consideration, envisages the acquisition of the brand Code 10 and related intellectual property rights (IPR) by Marico Malaysia Sdn Bhd, a wholly-owned arm of Marico Middle East FZE. Code 10 range consists hair gels and hair creams.
As part of the transaction, Marico Malaysia Sdn Bhd and Colgate Palmolive Sdn Bhd have entered into a transition Services Agreement whereby Colgate Palmolive will continue to distribute the Code 10 range of products for a limited period. The sale of Code 10 is consistent with Colgate Palmolive's strategy to focus on its fast growing oral, personal and pet care ventures, the company said.
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