To Press Releases listVevey,June 25, 2002
Nestlé S.A. and L'Oréal S.A. announced that they have signed an agreement to form a joint venture: "Laboratoires INNEOV". The aim of the joint venture is to develop a global market for nutritional supplements for cosmetic purposes. The plan is to base the new company in France. Both parent companies will each own 50 percent of the joint venture.
These nutritional supplements, resulting from research, are intended to improve the quality of skin, hair and nails by supplying nutrients essential to their physiology.
Products will be created using a process developed by "Laboratoires INNEOV". These products will benefit from the respective areas of expertise of the two parent companies – nutritional research from Nestlé and dermatological research from L'Oréal. This is a profitable, fast-growing market, where joint efforts by the food and cosmetics industries have been lacking so far.
The conclusion of this agreement is subject to regulatory approval.