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This article was originally published in The Rose Sheet

Executive Summary

Kanebo Cosmetics, Inc. is established by new financial backer, Industrial Revitalization Corporation of Japan, company announces May 7. Firm was spun off from parent Kanebo Ltd. after ICRJ purchased the cosmetic division's debt last month. New company "is aiming to tackle investment more actively and to maintain and strengthen competitiveness as well as pursue the goal of customer satisfaction through new concepts of beauty," according to Kanebo. Kunihiko Yogo, a director with the government agency, is appointed director and representative chairman/CEO under a new structure that emphasizes "a high level of transparency," firm says. Kanebo's management will now be divided among nomination, remuneration and auditing committees. The government bailout occurred after competitor Kao Corp. bowed out of negotiations to acquire Kanebo's cosmetics business earlier this year (1"The Rose Sheet" March 1, 2004, In Brief)...

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