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(Sharecast News) - PZ Cussons announced the proposed sale of its Nigerian dairy business Nutricima on Wednesday, along with the completion of the previously-announced sale of its Polish personal care brand Luksja.
The FTSE 250 company said it has exchanged contracts for the sale of the assets associated with Nutricima's business to FrieslandCampina WAMCO Nigeria - an affiliate of Dutch company Royal FrieslandCampina.
Under Nigerian law, completion of the transaction remained subject to merger clearance in Nigeria
In addition, it said it has completed the sale of its Polish personal care brand, Luksja, to Athens-based personal care company Sarantis Group.
Sarantis would also distribute certain PZ Cussons' brands, including Carex, Original Source and Morning Fresh, in Poland and in central and eastern Europe.
"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," said executive chairman Caroline Silver.
"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."
At 0921 GMT, shares in PZ Cussons were down 5.09% at 164.2p.
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