Unilever to acquire Russian beauty company Concern Kalina
LONDON — Unilever has agreed to acquire Russian beauty company Concern Kalina, which significantly will strengthen its foothold in skin care and hair care in Russia.
Unilever initially is acquiring 82% of Concern Kalina for approximately €390 million ($537 million). The acquisition, which is subject to regulatory approvals, is expected to be completed by the end of 2011.
Concern Kalina, which is based in Ekaterinburg, is Russia’s largest local personal care player with leading positions in skin and hair care. The company has an extensive distribution network and sells its products primarily in Russia, Ukraine and Kazakhstan.
"We are delighted to be acquiring Concern Kalina. This will transform Unilever’s personal care business in Russia, giving us leading positions in skin care and hair care, as well as establishing a presence in oral care. It will also strengthen and rebalance Unilever’s portfolio and competitive position in Russia, an emerging market with considerable potential and one of our priority countries," stated Paul Polman, CEO of Unilever.
Personal care is a strategic category for Unilever that is rapidly growing. Ten years ago it represented 20% of group turnover at Unilever and strong organic growth has driven it to now reach more than 30%.
Alexander Petrov, CEO of Concern Kalina, added, “The coming together of our company with one of the most successful and best-known global companies represents a tremendous vote of confidence in the strength of our brands, the people who have built them and the potential of the Russian market. The combination with Unilever will also provide our employees with opportunities in one of the best companies in the world."
Former CVS Caremark head Tom Ryan joins Advent International’s Operating Partner Program
BOSTON — Global private equity firm Advent International has announced that Tom Ryan, former chairman and CEO of CVS Caremark, has joined the firm’s Operating Partner Program. In this role, Ryan will advise and work closely with Advent’s investment professionals to identify opportunities and generate post-investment value at retail and healthcare companies globally.
“Advent has a proven ability to tackle complex situations and deliver long-term value through operational enhancements and earnings growth, even in low-growth environments. I am delighted to join a firm with a solid track record of success. Advent is a highly focused global organization and I’m excited to now be part of the team,” Ryan stated.
This is the latest appointment in Advent’s Operating Partner Program, a long-established element of the firm’s approach to investing. The program includes more than 80 senior industry executives, many of whom have been involved in multiple Advent investments. These executives typically assist in such activities as finding attractive investment opportunities, conducting due diligence, and creating and driving value creation plans for Advent’s portfolio companies.
“Tom is simply one of the world’s top corporate leaders. He is tireless in his pursuit of new ideas, innovation and growth. That drive, combined with his expertise in the retail and healthcare sectors, complements Advent’s time-tested approach to value creation. He is a great addition to Advent, and we look forward to working with him to identify and develop investment opportunities on a global basis,” stated David Mussafer, Advent managing partner.
Ryan joined CVS Caremark in 1974 as an in-store pharmacist and progressed through increasingly senior positions, becoming CEO in 1994 and adding the role of chairman in 1998. As the leader of the company, Ryan oversaw the transformation of CVS Caremark from a New England-based regional player into a more comprehensive pharmacy services company with a national footprint and revenue of nearly $100 billion in 2010.
CVS/pharmacy to provide assistance during Medicare Part D annual enrollment
WOONSOCKET, R.I. — As annual open enrollment season begins for Medicare Part D prescription drug plans, CVS pharmacists are available to answer questions and provide guidance on how to complete plan comparisons, CVS/pharmacy announced on Friday.
From Oct. 15 to Dec. 7, Medicare beneficiaries have the opportunity to review their current prescription coverage and enroll in a new plan, if they so choose.
"Affordability of prescription medications can pose challenges for seniors who may take multiple prescriptions for a number of chronic conditions on an ongoing basis," stated Papatya Tankut, VP pharmacy professional services at CVS/pharmacy. "Achieving cost savings through the thoughtful selection of a Medicare Part D plan can help seniors save money, stay on their medications and achieve healthier outcomes."
To help seniors navigate Medicare Part D plans, CVS/pharmacy is offering resources both in store and online. CVS pharmacists are available throughout the annual enrollment period to provide patients with a list of their current medications. They can provide assistance on how to complete plan comparisons using the Medicare Plan Finder Tool. In addition, seniors can access the 2012 Medicare Plan Finder at CVS.com/Medicare to compare plans. The site provides answers to common questions about Medicare Part D plans, and lists additional sources of information.
A Medicare Part D plan review is encouraged annually as plans and medications change from year to year. CVS/pharmacy recommends that seniors and caregivers consider the following questions when comparing Medicare Part D plans:
- What are you currently paying for your plan premiums?
- What are your annual deductibles and prescription co-payments?
- What are your total out-of-pocket expenses?
- What choice of plans are offered in your area?
- Is there a preferred pharmacy network?
- Have any of your prescriptions changed?