(RTTNews) - PZ Cussons Plc. (PZC.L), a consumer products group, announced Thursday its agreements to sell Greek food subsidiary Minerva and Polish personal care brand Luksja. The decision is in line with the company's newly stated strategic direction. The company has agreed to serll Minerva S.A. Edible Oils and Food Enterprises to Mirties Enterprises Company Limited for 41.0 million pounds in cash, payable upon completion. Founded in 1904, Minerva was the first company to sell branded packaged olive oil in Greece. The proceeds from the Minerva sale will be used to reduce existing debt in the business.
PZ Cussons said the sale of Minerva would reduce its fiscal 2019 profit before tax by about 1.8 million pounds on a pro forma basis.
PZ Cussons also exchanged contracts for the sale of Polish personal care brand, Luksja, together with all associated inventory, to Athens based personal care company, Sarantis Group. Further, under a distribution agreement, Sarantis will distribute certain PZ Cussons' core brands, which include Carex, Original Source and Morning Fresh, in Poland and Central and Eastern Europe.
Alex Kanellis, CEO of PZ Cussons said, "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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