Bristol-Myers to Buy Redmond Products

Bristol-Myers Squibb Co. will buy closely held Redmond Products Inc. for an undisclosed amount of stock. Family-owned Redmond Products of Chanhassen, Minn., is the maker of the Aussie premium-price hair-care line, and with annual sales of $130 million, is one of the largest closely held hair-care companies in the U.S. Bristol-Myers executive Steve Sadove said the acquisition would strengthen Bristol-Myers’ position as the U.S.’ leading hair-products company. New York-based Bristol-Myers, which had 1996 revenue of $15.1 billion, sells brands that include Clairol, Matrix Essentials and a number of products available through salons. Bristol-Myers stock fell $1.81 to close at $90.13 on the NYSE.