Shares of Coty traded higher after the company reported that it has commenced production of hydro-alcoholic gel for use as hand sanitizer to help combat the COVID-19 virus.
Coty Inc. (COTY:NYSE) yesterday announced that "it has started producing hydro-alcoholic gel, which is used as hand sanitizer, to help combat the COVID-19 virus." The company reported that production and donations are expected to reach tens of thousands of units per week.
The firm stated that the products will be distributed free of charge to medical and emergency services staff who are facing supply shortages due to the fast-spreading COVID-19 virus. The company also noted that it will be supplying the product to its employees who are working in its sanitizer producing plants for their own personal safety use and will also ship to pharmacy staff at some retail customer locations.
The firm advised that it has already produced the first batches of hand sanitizer at its factories in the U.S. and Monaco. The company stated that it expects that additional factories will begin production within a week subject to the amount of resources and materials available and local government guidelines and regulations.
The company's CEO Pierre Laubies commented, "As a responsible beauty company, we make our resources and facilities available to help the communities we are operating in during these exceptionally challenging times...We are proud to support the brave professionals fighting on the frontlines against COVID-19 by providing hand sanitizer where it is needed."
Coty's COO Pierre-André Terisse added, "The health and safety of our employees is our top priority and we will take all possible measures and precautions to keep them healthy and safe as they work to protect our communities that we care for and serve...We are incredibly proud of our associates who are stepping up to contribute to the global fight against COVID-19."
Coty is headquartered in New York, N.Y., and is one of the world's largest beauty companies. The company owns a portfolio of many well-known brands in the beauty sector including fragrances, cosmetics, hair color, hair styling, and skin and body care. The company reports on its website that "it is the global leader in fragrance, a strong number two in professional hair color & styling, and number three in color cosmetics." The firms products are sold worldwide over 150 countries.
Coty Inc. has a market capitalization of around $4.1 billion with approximately 760.6 million shares outstanding. COTY shares opened slightly higher today at $5.46 (+$0.08, +1.49%) over yesterday's $5.38 closing price. The stock has traded today between $5.40 and $7.08 per share and is currently trading at $7.06 (+$1.68, +31.23%).
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