MADISON, Wis. (AP) -- Spectrum Brands has spent $50 million to acquire a majority stake in skin care technology company Shaser Bioscience.
The consumer products company said Monday that the deal will strengthen its Remington unit through broader access to the beauty and skin care market.
Spectrum Brands Holdings Inc. and privately held Shaser have worked with one another since 2008 and jointly developed the Remington i-Light Pro, a light-based hair removal system.
Spectrum, based in Madison, Wis., said that it will form a new business within its Remington division that will develop a full line of dermatology devices and companion products using Shaser technology.
The acquisition is expected to bulk up revenue in the Remington unit, roughly doubling consumables business revenue in fiscal 2013.
Shaser Bioscience Inc. has its headquarters in Boston.
Spectrum's stock rose $1.11, or 2.6 percent, to $44.15 in afternoon trading. The shares have traded in a 52-week range of $23.04 to $48.22.
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