PZ Cussons to sell Greek food subsidiary and Polish personal care brand
By Michele Maatouk
Date: Thursday 29 Aug 2019
(Sharecast News) - Imperial Leather maker PZ Cussons has agreed to sell its Greek food subsidiary Minerva and its Polish personal care brand Luksja.
Minerva will be sold to Mirties Enterprises Company Limited, a business controlled by Luxembourg investment company Diorama, for £41m in cash. Cussons said proceeds from the sale will be used to reduce debt and drive focused investment in its core brands.
Meanwhile, Luksja will be sold to Athens-based personal care company, Sarantis. Cussons did not give any financial details but said the two have also agreed to enter into a distribution agreement whereby Sarantis will distribute some of its core brands - which include Carex, Original Source and Morning Fresh - in Poland and Central and Eastern Europe.
Chief executive officer Alex Kanellis said: "The proposed sale of Minerva and Luksja forms part of PZ Cussons' new strategy to 'Focus, Scale and Accelerate', announced along with our final FY19 results on 23 July 2019.
"We are streamlining the group to focus investment on core personal care and beauty brands to deliver higher margin earnings, in geographies that can scale, with the aim of returning the group to sustainable, profitable growth."
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