NEW YORK — Bristol-Myers Squibb Co. said Thursday it has entered into an agreement to purchase Matrix Essentials Inc. of Solon, Ohio.
Terms of the deal, which is subject to regulatory review, were not disclosed.
Matrix manufactures and markets hair care, skin care and color cosmetics that are distributed exclusively through 200,000 beauty salons. Its major brands include Systeme Biolage, Matrix Essentials and VaVoom.
Michael A. DeGennaro, vice president of corporate development at Bristol-Myers, will become president of Matrix sometime in the third quarter, according to a company spokesman, who noted that at that time Matrix will become an independent subsidiary of Bristol-Myers.
“Matrix fits into our strategic growth plan as a diversified health and personal care company,” he said, adding that Bristol-Myers has “no intention of changing [Matrix’s] focus.”
Sydell Miller, who founded Matrix in 1980 with her late husband, Arnold Miller, will continue as chairman.