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PZ Cussons to divest Minerva, Luksja businesses

U.K. household products manufacturer PZ Cussons PLC on Aug. 29 said it agreed to sell two of its businesses as part of its strategy to focus on growing its core personal care and beauty brands.

The company will sell its Greek food subsidiary, Minerva SA Edible Oils and Food Enterprises, to Diorama Investments Sicar SA-controlled Mirties Enterprises Co. Ltd. for £41.0 million in cash. It said it will use proceeds from the transaction to reduce existing debt and invest in its core brands.

Diorama has appointed Deca Investments AIFM as its external fund manager for the deal. The transaction is expected to close once Deca draws down funds from its financing bank within the next few weeks.

Meanwhile, PZ Cussons will sell its Polish personal care brand, Luksja, to Athens-based company Sarantis Group for an undisclosed amount.

The British manufacturer also entered into a distribution agreement with Sarantis, under which Sarantis will distribute certain PZ Cussons core brands in Poland and in Central and Eastern Europe.

The completion of the divestment and the commencement of the distribution agreement are subject to competition clearance in relevant markets.

PZ Cussons will wind down its on-the-ground operations in Poland following the close of the Luksja deal, according to the release.

CEO Alex Kanellis said they expect the streamlining strategy to help deliver higher margins and ultimately return the company to sustainable, profitable growth.