Essity divests partly owned company in Tunisia - Global Paper Money

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Essity divests partly owned company in Tunisia

SWEDEN (News release) -- Hygiene and health company Essity divests its 49% stake in Sancella Tunisia to the other owner Sotupa. Sancella Tunisia offers a range of Essity's products and brands in Tunisia, Algeria, Morocco, and Libya. Essity will retain a presence on these markets through license and distribution agreements.

In 2019, Sancella Tunisia reported net sales of SEK 575m (TND 154m). The divestment is expected to give rise to a gain of approximately SEK 25m, which will be recognized as an item affecting comparability when the transaction is completed.

The transaction is subject to approval by Tunisian authorities and is expected to be completed during Q4 2020.

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