Household product manufacturer Lion Corp. said Tuesday it will terminate a joint-venture agreement with a Japanese unit of German firm Henkel KGaA.
Lion will effectively withdraw from the management of hair color maker Henkel Lion Cosmetics Co. by selling 33.6 percent of its shares in the company to Henkel Japan Ltd., lowering Lion’s stake to 14.9 percent.
The decision by Lion reflects weaker-than-expected sales of hair color products, company officials said.
Lion will maintain its comprehensive alliance with Henkel under a cooperation agreement signed in 1999, they said.
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