Australian Pental Limited and its subsidiary Pental Products Pty Ltd have entered into agreements to sell Pental Consumer Products and the manufacturing complex in Shepparton to Selleys, a division of DuluxGroup (Australia) Pty Limited. This is reported in the press release of Pental.
The transaction value is $60 million.
The deal includes all assets of the Pental Consumer Products Business with the exception of distributor Duracell Australia Pty Limited and the Bondi Soap brand.
The transaction is expected to be completed on October 30, 2023, after approval by shareholders and fulfillment of the preliminary terms of the agreement. The main shareholders of Pental, who own 25% of the shares of Pental, have pledged to support the transaction.
The sale of assets is in line with Pental's strategy aimed at developing the e-commerce segment. During 2023, the company implemented several strategic initiatives aimed at ensuring further growth of long-term shareholder value.
Pental is an Australian manufacturer of household chemicals and cleaning products under the brands White King, Country Life, Velvet, Softly, Sunlight, Bondi Soap, etc. The shares are listed on the Australian Stock Exchange. The headquarters is located in Victoria (Australia).
DuluxGroup Australia Pty is a company selling paints, protective coatings and home care products. The headquarters is located in Victoria (Australia).
