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McPherson's divests home appliance business

Australian health and beauty brand distributor McPherson's Ltd. said Dec. 14 that it sold its home appliance business to Glen Dimplex Australia Pty Ltd., a unit of Irish consumer appliance company Glen Dimplex Group.

McPherson's said the divestment was in line with its strategy to focus on growing its core business of health, beauty and wellness products.

The transaction is estimated to be worth A$28 million, including inventory and fixed and intangible assets. The deal has an expected completion date of Feb. 28, 2018.

Funds generated from the sale will be used to buy back an outstanding A$25 million in bonds in March 2018.