India’s consumer goods company, Godrej Consumer Products Ltd (GCPL) sold its UK business, Godrej Consumer Products UK Limited to JZ International Ltd for £34 million as part of its efforts to focus more on Asian, African, and Latin American counties.
JZ International is a leading pan-European private investment business headquartered in London and the agreement between the two parties will come into force with immediate effect.
Godrej UK was the company's first ever international purchase in 2005, and had brands such as Touch of Silver, Cuticura, and others. Godrej Consumer Products UK Limited contributed five per cent of its parent company’s £1073.63m net sales in the last financial year while global operations as a whole accounted for 47 per cent of the sales.
Commenting on this announcement, Nisaba Godrej, Executive Chairperson, GCPL, said, "we continue to make strong progress on our journey to be a leading FMCG player in emerging markets; guided by our 3 by 3 approach, and focused on three categories (home care, hair care and personal care), in three geographies (Asia, Africa and Latin America).”
“As we build on our presence in these emerging markets and sharpen our strategic focus, we have decided to divest our UK business. This is in line with our long-term objective of continually optimising our portfolio and making the appropriate capital allocation choices to drive superior value creation,” he added.
