The conglomerate is winding down its Polish operations as it hands distribution over to Greek buyer Sarantis
PZ Cussons has sold its Polish beauty brand Luksja as part of a strategic move to focus efforts on its core brands.
The personal care heavyweight, which owns household names such as Carex, Sanctuary Spa and St. Tropez, struck a deal to offload Luksja to Greek company Sarantis.
The two companies will also enter into a distribution agreement whereby Sarantis will distribute PZ Cussons’ core brands including Carex, Original Source and Morning Fresh in Poland and Eastern Europe.
PZ Cussons, meanwhile, will wind down its on-the-ground operations in Poland, following completion of the deal.
At the same time, PZ Cussons has announced the sale of its Greek food subsidiary Minerva to Mirties Enterprises Company for £41m.
PZ Cussons CEO Alex Kanellis said: “The proposed sale of Minerva and Luksja forms part of PZ Cussons’ new strategy to ‘focus, scale and accelerate’.”
He added: “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.”