Business

Nestlé exchanges stake in L’Oreal for Galderma

By John Heilprin
Published February 11, 2014 12:40pm ET
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Nestlé exchanges stake in L’Oreal for Galderma
FILE - In this Feb. 14, 2013 file picture the Nestle logo is photographed on the Nestle headquarter in Vevey, Switzerland. Swiss food and drink giant Nestle and French cosmetics company L'Oreal announced Tuesday Feb. 11, 2014 a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma. The companies said in a joint statement that L'Oreal will buy 48.5 million of its own shares, or 8 percent of its share capital, from Nestle and give Nestle its 50 percent stake in Galderma, which has been a 50/50 joint venture between them. (AP Photo/Keystone,Laurent Gillieron) | Laurent Gillieron

GENEVA (AP) — Swiss food and drink group Nestle is creating a new unit for medical skin treatments via a deal that reduces its stake in French cosmetics company L’Oreal.

The Vevey, Switzerland-based company said Tuesday it would take full ownership of Swiss dermatology pharmaceuticals company Galderma, which had been a 50/50 joint venture with L’Oreal. It will use Galderma’s management to form a new unit called Nestle Skin Health SA.

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