Executive Summary

SYNTEX EXITING BEAUTY CARE: FERMODYL, RILLING, DERMETICS TO TURNER HALL CORP., a private New York firm led by a group of cosmetics execs and investors associated with the Bass family of Fort Worth, Texas. The purchase, for an undisclosed sum, was announced by Turner Hall Oct. 9. Divestiture of the professional hair, skin, and nail care lines, which contributed only about $600,000 of Syntex' total $177.7 mil. in fiscal 1983 net income, effectively removes the pharmaceutical and diagnostics firm from the beauty care industry, a spokesperson said. Syntex lost an earlier agreement to sell Fermodyl to Clairol. Syntex will "record a gain on the sale, and will additionally receive oryalties from future sale of the products," the company said. In addition to acquiring the lines, Turner Hall will lease and operate Syntex' primary beauty care production facility in Newburgh, NY. Syntex has retained distribution rights to the relatively small line of Eugene/Galia French professional hair treatment products, although the company expects it to be gradually phased out, the spokesperson noted.4