Beecham divestitures
Executive Summary
British firm announces plans to sell seven of its non-health care units in order to focus on its Rx and OTC pharmaceutical businesses. Among the units reportedly earmarked for divestiture are the Germaine Monteil cosmetics business; the firm's home improvement division, which includes the DAP subsidiary acquired from Schering in 1983; and its wine and spirits business. In a June 12 letter to the trade, Germaine Monteil explained that "following a series of disappointing quarterly results, [Beecham] embarked on a program of restructuring its top management and concentrating its business base in proprietary and over-the-counter products." Beecham acquired Revlon's Norcliff Thayer OTC business and Reheis chemical business last fall for approximately $400 mil.
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