Last checked at 9 Sep 2021 09:24
Reckitt announces closing of sale of IFCN business in China to Primavera
9 September 2021 - Slough, UK - Reckitt Benckiser Group plc ("Reckitt") is pleased to announce that it has today completed the sale, announced on 5 June 2021, of its Infant Formula and Child Nutrition ("IFCN") business in China* to Primavera Capital Group ("Primavera").
All conditions to completion of the transaction have been satisfied.
Commenting on the sale, Reckitt CEO Laxman Narasimhan said:
"Coming just six-and-a-half months after announcing the strategic review in February, the closing today represents a major step forward in our strategy to rejuvenate sustainable growth. Our Nutrition business is now stronger and more concentrated in attractive markets such as North America, Latin America and ASEAN. We remain fully focused on executing our strategy, investing for growth and achieving our medium-term targets.
"To those Reckitt team members who will start a new chapter today, I want to thank you for all of your contributions to Reckitt and wish you well."
* Mainland China, Taiwan, Hong Kong
For further information, please contact: | |
Reckitt | |
Simon Whittington Deputy Head of Investor Relations |
+44 (0)7408 812062 |
Patty O'Hayer Director, External Relations and Government Affairs |
+44 (0)7825 755688 |
Finsbury Faeth Birch |
+44 (0)7768 943171 |
About Reckitt
Reckitt* exists to protect, heal and nurture in the relentless pursuit of a cleaner, healthier world. We believe that access to the highest-quality hygiene, wellness and nourishment is a right, not a privilege.
Reckitt is the company behind some of the world's most recognisable and trusted consumer brands in hygiene, health and nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil, Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein, Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and more.
Every day, more than 20 million Reckitt products are bought globally. We always put consumers and people first, seek out new opportunities, strive for excellence in all that we do and build shared success with all our partners. We aim to do the right thing, always.
We are a diverse global team of more than 43,000 colleagues. We draw on our collective energy to meet our ambitions of purpose-led brands, a healthier planet and a fairer society. Find out more, or get in touch with us at www.reckitt.com.
*Reckitt is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108