Ontex Group NV announces that it has completed the divestment of its Brazilian business activities to Softys S.A., a personal hygiene company with operations across Latin America and a wholly-owned subsidiary of Empresas CMPC S.A., headquartered in Chile.
The transaction includes Ontex’s business in Brazil and its manufacturing facility in Senador Canedo in the State of Goiás. The business develops, manufactures, commercializes and distributes diapers and pants for the baby care market, as well as for the adult care market. It employs approximately 1,400 employees.
Aggregate net cash proceeds received at closing, net of cash/debt disposed, are Euro 81 million, after the impact of tax-related and transaction costs, hedging expenses, as well as provisional balance sheet adjustments. On top of this amount, Euro 18 million will be put in escrow at closing. The divestment proceeds will be used to reduce Ontex’s outstanding gross financial debt further.
Ontex Group NV is a leading international developer and producer of personal care products.
