Evonik Industries to sell Stoko Professional Skin Care to UK based Deb Group
Evonik Industries has announced that it is selling Stoko Professional Skin Care, its global line of skin care products for professionals, to UK based skin care company Deb Group.
“While Stoko Professional Skin Care enjoys an excellent reputation on the market, its business model fundamentally differs from that of Evonik today,” said Patrik Wohlhauser, a member of Evonik’s Executive Board. “We believe that Deb will be a good home for Stoko and its people.”
The acquisition of Stoko will help to strengthen Deb Group’s market position in Europe and the US and support its plans to increasingly expand into the Russian and Brazilian markets. “It has been a longstanding ambition of Deb’s to join forces with Stoko,” said Bryan Anderson, CEO of Deb Group. “We want to create the world's most comprehensive and effective skin care product range for the workplace, drawing on the significant innovation portfolio within both companies.”
The transaction is anticipated to close in two months, pending approval by the Evonik Supervisory Board and by the German antitrust authorities.