New deal abroad for Korres

Cosmetics producer Korres Natural Products said yesterday its goods will be sold and distributed by Johnson & Johnson in North America in news that helped to send its shares higher on the Athens bourse. Korres, which distributes its products to some 32 countries, will receive $7.2 million as part of the deal up until 2011, which will go toward terminating its previous North American distribution agreement and providing other support services to its products. Over the 2011-14 period, the Greek company will receive $10.2 million in royalties. «After 2011, the deal is expected to have a significant impact on company earnings, which cannot be exactly estimated as it will depend on future sales in this area,» the company said in a bourse filing. Shares in Korres rose by as much as 5 percent on news of the deal but later trimmed gains to settle at 7.29 euros, up 1.53 percent. The broader market fell 2.34 percent.