Helen of Troy to move from huge, West El Paso headquarters after pending sale
Consumer products company Helen of Troy plans to move from its huge, ultramodern corporate headquarters building in the future after completion of the pending sale of its West El Paso property.
Its downsized corporate headquarters, where several hundred people work, is to remain in El Paso, but it will be in a yet-named, different location in the future, company officials recently announced.
That's a change in the previously announced plan to lease back part of the building for its corporate offices.
The name of the buyer will not be disclosed until the sale is completed — expected to occur in late September or early October, a company official reported.
Also, the company's beauty business, which develops and sells name-brand hair dryers and other hair-care appliances, is being moved to the Boston area as part of the company's restructuring plan announced in October 2022.
The company, with more than $2 billion in annual sales, develops and sells various household, outdoor, health care and hair-care products under well-known national brands, including Oxo, Hydro Flask, Vicks, Braun, Honeywell, Hot Tools and Revlon. Its stock, listed on the Nasdaq stock exchange, has been trading at more than $120 per share in recent weeks.
"El Paso will remain Helen of Troy's U.S. Headquarters, where multiple hundreds of people will continue to be employed, including senior leaders from Legal, Finance, Tax, Treasury, Human Resources, IT & Operations," Jack Jancin, senior vice president of corporate business development, said in an email.
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The email was released last week after company officials told employees about the pending real estate deal and the move of the beauty business. Company officials are not commenting beyond the emailed information, Jancin said.
That includes no specifics on how moving the beauty business, which also has operations in the Los Angeles area, will affect employment in El Paso.
The company employed about 400 people at its West El Paso headquarters in February 2022, when the company had a worldwide workforce of 2,146 people.
In February 2023, it reported a worldwide workforce of 1,903 people — a loss of 243 workers, or an 11.3% reduction. Officials in January 2023 announced the company would reduce its worldwide workforce by 10% as part of the restructuring plan.
No updated employment numbers were made available.
Company officials in July 2022 announced plans to put Helen of Troy's sprawling, ultramodern, copper-colored building and adjacent warehouse up for sale because the large space no longer meets the company's needs.
The company will continue to occupy the building for a time after the sale, but then move to a new facility "with the right modern amenities that also meets our space requirements for years to come," Jancin said.
The West Side complex, opened 24 years ago, has become a landmark next to Interstate 10, between Redd and Artcraft roads. It includes the 115,000 square-foot office building and 412,000 square-foot warehouse, according to information from CBRE Group, the global real estate company handling the sale. The complex, on about 50 acres, is lined with palm trees and other landscaping.
No sale price was disclosed. The El Paso Central Appraisal District valued the property for tax purposes this year at $13 million. That's almost $2.7 million less than the district's appraised value in 2022, or a decrease of 17%.
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Last year, as part of Helen of Troy's restructuring, the company's beauty business was consolidated into its Health & Wellness division and the division renamed the Beauty & Wellness division, now based in Boston.
Helen of Troy Chief Executive Officer Julien Mininberg has lived in the Boston area for years and kept his home there after becoming CEO in January 2014.
He plans to retire March 1, 2024, when Noel Geoffroy, the company's chief operating officer, is to become CEO. She lives in New Jersey, not far from New York City, according to her LinkedIn profile. Helen of Troy's Oxo household division is based in New York City.
The hair dryer business for years was the core of the El Paso company. But in recent years, the beauty business has struggled and is now the smallest business segment of the 55-year-old company.
Vic Kolenc may be reached at 915-546-6421, vkolenc@elpasotimes.com and @vickolenc on X, formerly known as Twitter.
This article originally appeared on El Paso Times: El Paso's Helen of Troy to move from headquarters after pending sale
