Signals, Powered By EquityPandit
Godrej Consumer Products Limited announced that its U.K. business to JZ International Limited was sold for £34 million (around Rs 310 crore), as part of efforts to sharpen its focus on Asian, African, and Latin American markets.
Godrej Consumer Products Limited (GCPL) Chairperson Nisaba Godrej said in the press release, “As we build on our presence in these emerging markets and sharpen our strategic focus, we have decided to divest our U.K. business,” “The decision to divest the U.K. business was in-line with “our long-term objective of continually optimising our portfolio and making the appropriate capital allocation choices to drive superior value creation”, the chairperson added.
Godrej U.K. was the company’s first international acquisition 13 years ago and had brands including Touch of Silver, Cuticura and Soft & Gentle. International operations as a whole accounted for 47 per cent of total sales during the fiscal year 2017-18. Godrej Consumer’s U.K. business contributed five per cent of its Rs.9,862 crore net sales in the financial year 2017-18.
JZ International Senior Partner Martin Wright said, “We are delighted to announce the acquisition of Godrej UK from Godrej Consumer Products and we look forward to working with the talented UK management team.”
