By Daniel Hunter
PZ Cussons has agreed to sell its Polish home care brands to German company Henkel for £46.6 million.
The Manchester-based international consumer products group group, which owns the Imperial Leather and Original Source brands, expects it to take six months for the transaction to be approved by authorities in Poland and Ukraine.
“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," Chief executive Alex Kanellis said.
The Polish brands being sold include a range called ‘E’ and certain smaller brands and are present in the laundry detergent, fabric conditioner and washing-up liquid product categories in Poland, central and eastern Europe.
PZ Cussons said it would use the proceeds of the sale to either reduce existing debt or within normal business operations.
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