19th Nov 2018 13:07
LONDON (Alliance News) - McBride PLC on Monday said it completed the sale of its European Personal Care Liquids activities to Royal Sanders Group for GBP12.5 million in cash.
The household and personal care goods manufacturer said it will use the proceeds of the sale to pay down its net debt and settle transaction costs.
The European Personal Care Liquids division supplies contract manufactured and private label products for the domestic household and professional cleaning and hygiene markets, McBride explained.
For the year to the end of June, the European Personal Care Liquids business generated revenue of GBP56.2 million and an adjusted operating loss of GBP1.5 million.
"With the sale of the European Personal Care Liquids business, the group is now a focused household business with a clear strategy to deliver sustainable profitable growth," said McBride Chief Executive Rik De Vos.
McBride shares were trading 1.3% higher on Monday at 128.80 pence each.
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