9th Sep 2021 13:50
Reckitt Benckiser Group PLC - Slough-based consumer goods company focused on hygiene, health and nutrition - Completes sale of its instant formula and child nutrition business in China to Primavera Capital Group. Business is present in in mainland China, Taiwan and Hong Kong. The sale, with implied enterprise value of USD2.2 billion, was announced back in June. Includes manufacturing plants in Nijmegen, Netherlands and Guangzhou, China. Reckitt to retain 8% stake in the business.
"Coming just six-and-a-half months after announcing the strategic review in February, the closing today represents a major step forward in our strategy to rejuvenate sustainable growth," says Chief Executive Laxman Narasimhan.  "Our nutrition business is now stronger and more concentrated in attractive markets such as North America, Latin America and ASEAN."
Current stock price: 5717.00 pence
Year-to-date change: down 13%
By Josie O'Brien; [email protected]
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