ETTYF - Essity Divests Partly Owned Company in Turkey
STOCKHOLM, May 21, 2019 /PRNewswire/ -- Essity is divesting its 50% stake in the partly owned company SCA Yildiz in Turkey to the other part owner Yildiz.
SCA Yildiz is primarily active in Baby Care products. In 2018, the company reported net sales of SEK 364m (TRY 197m). The divestment gives rise to a currency related loss of approximately
SEK 150m, which will be recognized as an item affecting comparability in the second quarter of 2019. This will not impact cash flow or shareholders' equity.
The transaction is subject to customary regulatory approval by the competition authorities and is expected to be finalized in the second quarter of 2019.
Essity will retain a presence in Turkey through its wholly owned Professional Hygiene, Incontinence Products and Medical Solutions operations.
For further information, please contact:
Per Lorentz
Vice President Corporate Communications
+46-8-788-52-51
per.lorentz@essity.com
Johan Karlsson
Vice President Investor Relations
+46-8-788-51-30
johan.ir.karlsson@essity.com
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SOURCE Essity