PZ Cussons has completed the sale of its Polish care brand, Luksja, while also announcing it was progressing with plans to dispose of its Nigerian dairy business Nutricima.
The consumer products group behind brands Carex, St.Tropez and Sanctuary Spa updated the market this morning on its developments.
It said Luksja has been sold to Athens based personal care company, Sarantis Group.
Sarantis will also distribute certain PZ Cussons’ brands, which also include Original Source and Morning Fresh, in Poland and Central and Eastern Europe.
The Manchester=headquartered group said it has exchanged contracts for the sale of the assets associated with Nutricima’s business to FrieslandCampina WAMCO Nigeria Plc, an affiliate of Royal FrieslandCampina in the Netherlands.
Under Nigerian law, completion of the transaction is subject to merger clearance in Nigeria.
Caroline Silver, executive chair of PZ Cussons said: “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.”
