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(Alliance News) - PZ Cussons PLC on Wednesday said it has made progress on the sale of Luksja and the proposed sale of Nutricima.
Nutricima is the company's Nigerian dairy business and Luksja is its Polish personal care brand.
Shares in the consumer products company- whose brands include Imperial Leather, Radiant clothes washing liquid, and Carex handwash - were down 6.5% at 161.80 pence each on Wednesday morning in London.
PZ Cussons said it has exchanged contracts for the sale of assets associated with Nutricima's business to FrieslandCampina WAMCO Nigeria PLC. FrieslandCampina is an affiliate of Royal FrieslandCampina in the Netherlands.
Additionally, the company said it has completed the sale of Luksja to Athens-based personal care company Sarantis Group. Under the agreement, Sarantis will also distribute certain PZ Cussons brands in Poland, Central Europe and Eastern Europe.
In August, PZ Cussons said it exchanged contracts for the sale of Luksja, together with all associated inventory but did not disclose financial details.
"The proposed sale of Nutricima and the sale of Luksja are further steps forward under our 'focus, scale and accelerate' strategy, as we continue to streamline the group to focus investment on core personal care and beauty brands. This will enable us to deliver higher margin earnings, in geographies which can scale, and support the return of the group to sustainable, profitable growth," said Executive Chair Caroline Silver.
By Ife Taiwo; ifetaiwo@alliancenews.com
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