Bristol Myers Squibb has announced the completion of its acquisition of Solon, Ohio-based Matrix Essentials, Inc. Matrix will remain in Solon and will be a subsidiary of Bristol Myers Squibb, operating independent of other Bristol Myers Squibb companies.
Matrix cofounder Sydell Miller will remain as chairman of the board and Michael DeGennaro, Bristol Myers Squibb vice president of corporate development will become president of Matrix.
In keeping with their commitment to salons, Matrix will remain professional-only and will intensify its fight against diversion, selling only to salons that do at least 50% of their business in services.
“This partnership positions Matrix for unprecedented future growth by aligning the advanced technology and vast resources of Bristol Myers Squibb with the entrepreneurial spirit, innovative marketing, education, and strong full-service distribution network of Matrix,” says Miller. “We at Matrix are very excited about our new partnership and look forward to expanding our horizons together.”
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