A joint venture cooperation preliminary agreement between Estee Lauder Companies and Sarantis Group of Companies was signed concerning Greece and the Balkans. In the agreement the start up of a new company is mentioned, which will manage the interests of the Companies of Estee Lauder in the area of the Balkans with headquarters in Athens.
In the new company, Estee Lauder will own a share of 51%, while Gr. Sarantis S.A. 49%. The posts of the Joint Venture Managing Director and Administration Head will be filled by Mr. Grigoris Sarantis.
Estee Lauder Companies own a dominant position in the global cosmetics market, trading a line of famous brands including Estee Lauder, Clinique, Aramis, La Mer, Tommy Hilfiger, Donna Karan, Prescriptives, Origins, Mac, Bobbi Brown, Jane, Aveda, Jo Malone και Bumble and bumble in 120 countries. The companys stock has already made an entry in the New York Stock Exchange.
In the agreement, the immediate development of the activities of Estee Lauder Companies in the area of the Balkans is also mentioned. Except from the products Estee Lauder, Clinique, Aramis, La Mer, Tommy Hilfiger and Donna Karan that already own a dominant position in the Greek market, the new company will launch the internationally famous make up products MAC in Greece at the beginning of 2001.
The integration of Joint Venture will be completed via the acquisition of control of the companies EKAS and ZETA by Gr. Sarantis S.A. The relevant preliminary agreements have already been signed and the agreement is under the approval of the Competition Committee. For the year 2000, the unified turnover of the companies EKAS and ZETA is estimated to reach drs. 14 billion, while the pretax earnings will outreach drs. 2 billion.
The take-over price will be fixed according to estimations of independent assessors.