Pierre Fabre moves to secure independent future

Pierre Fabre, founder of the French independent pharmaceuticals and
 dermatological cosmetics group bearing his name, has ceded 60% of his
 holding in the group to the
 Pierre Fabre Foundation.

Fabre is 82 and the foundation was set up in
1999 to
 constitute a shareholder of reference for the company. The latest move is
 said by the company "to
 ensure the independence of Pierre Fabre SA". The shares have been
 transferred in the
 form of a gift and brings the foundation's stake in the company to 65%. The
 operation is
 subject to government approval.


The Fabre enterprise was set up in 1961, based in Castres. Sales
 last year reached €1.7bn and the firm now employs about 10,000 people.
The group includes Laboratoires Klorane which specialises in
 dermo-cosmetics, skin care and
 other products.

Meanwhile, Fabre has called on Jean-Pierre Garnier, who
 ceased to be
 president of GlaxoSmithKline in May this year, to take over as
 director general of the Fabre group.
The formal changeover takes place this October when Fabre
 becomes president of the group and Garnier steps into his new role.