PARIS, April 15 (Xinhua) -- French cosmetics firm L'Oreal announced Monday the acquisition of the health and beauty business of Interconsumer Products in Kenya from its founding shareholder.
"This acquisition highlights the strategic importance of Africa for L'Oreal and demonstrates our confidence in this region and its market potential driven by a rising middle class, growing income and long tradition of beauty practices," the firm said in a statement.
The Kenyan firm acquired by L'Oreal is a significant player in the local market, especially in hair and skin products with a turnover of approximately 15 million euros (19.7 million U.S. dollars) in 2012.
"The acquisition of Interconsumer Products will accelerate our development in Eastern Africa," said Geoff Skingsley, a vice-president at L'Oreal.
L'Oreal already owns and commercialized brands such as SoftSheen Carson, a leader in the African market.
L'Oreal saw sales amounting to 22.5 billion euros in 2012. The company employs 72,600 people worldwide. (1 euro = 1.31 U.S. dollars)