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Estee Lauder Companies Inc. has agreed to pay $300 million to acquire Aveda Corporation, a premium manufacturer and marketer of pure and natural hair, skin, makeup and body care products, which use the science of flower and aromatherapy. In buying Aveda and its New Age beauty products, Lauder gains the company's strong position in the premium hair care segment, its distribution through professional salons, and its potential for growth in international markets. "The acquisition of Aveda is another step in our strategy of strengthening our position as a leader in the global beauty business," said Leonard A. Lauder, the company's chairman and chief executive. With a recent string of acquisitions, including Sassaby Inc., M.A.C. cosmetics and Bobbi Brown essentials, Lauder is working hard to become the beauty products company with something for everyone. "Following our rapid growth in the U.S., we are now in a position to expand our presence in the U.S. and international markets," said Horst Rechelbacher, chairman and founder of Aveda. "We believe that the Estee Lauder Companies' strong heritage of quality, innovation and service, as well as its huge international presence, will be a great asset as we fulfill our plans for growth." Aveda Corporation headquarters will remain in Minneapolis and Horst Rechelbacher will continue in his role as chairman of the company.