American cosmetics maker Estee Lauder (EL)  has denied rumors that it was exploring a potential sale of the company.

In a memo to employees, seen by the Wall Street Journal, Estee Lauder CEO Fabrizio Freda and Executive Chairman William P. Lauder shot down reports that the company had hired advisers to facilitate the sales process. 

"There is no truth to these rumors. The Estée Lauder Companies is not for sale," the executives said. "The Lauder Family and our board place great value in remaining independent. Our company is strong and we have excellent momentum going forward."

Shares of Estee Luader were sinking during Monday morning trading.

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