PZ Cussons Plc, will exchange contracts for the sale of its local Polish Home Care brands to Henkel. The Polish Home Care brands are being sold for a consideration of £46.6m in cash.Completion is subject to merger control clearances in Poland and Ukraine, processesthat are anticipated to take approximately six months.
The Polish Home Care brands comprise ‘E’ and certain smaller brands and are presentin the laundry detergent, fabric conditioner and washing up liquid product categories inPoland, central and eastern Europe.
In the year ended May 31, 2012, revenue generated by these brands was £51.4m, according to the company.
Alex Kanellis, chief executive of PZ Cussons, said:“I am pleased to be able to announce the exchange of contracts for the conditional sale of our Polish Home Care brands. On successful completion of the transaction, the divestment will enable us to focus on developing the Personal Care business in Poland and will further strengthen our balance sheet, improving our flexibility to take advantage of new investment opportunities as they arise."
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