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Coty mulls sale of professional beauty unit

Coty Inc. is exploring the sale of its professional hair and nail products business in a bid to reduce debt and streamline its structure, according to an Oct. 21 release.

The division, which is expected to record $2.7 billion in revenue this year, includes hair care products like Wella, Clairol and Good Hair, as well as OPI nail care products.

In July, the company announced a four-year turnaround plan that aims to improve profits and cut debt.

The JAB Holdings BV-backed company said it has hired investment bank Credit Suisse to manage the sale of the professional beauty business, as well as its Brazilian operations.

Upon the completion of the potential deal, the company expects to reduce financial leverage with a resulting pro forma target leverage ratio of approximately 3x net debt to EBITDA. Sales of the businesses are expected to conclude by 2020, Coty said.