Asaleo Care has completed the $180 million sale of its Australian consumer tissue business to Solaris Paper.
The sale includes Sorbent toilet and facial tissue, Handee Ultra paper towel, and Deeko serviettes and disposable tableware.
The company has retained its Australasian personal care and B2B operations, as well as the consumer tissue business in New Zealand, including Purex toilet tissue, Sorbent toilet and facial tissue and Handee towel.
Asaleo Care has also retained its consumer tissue business in Fiji and Pacific Islands, which distributes the Orchid and Viti brands for toilet, towel and facial tissue, and serviettes.
Asaleo Care’s CEO and managing director, Sid Takla, said: “The sale proceeds will significantly strengthen our balance sheet, reduce net debt and improve our leverage ratio. The sale enables us to concentrate on our core, higher margin, less capital-intensive businesses in personal care and business-to-business and continue to innovate and invest in our brands for long-term growth”.
Solaris Paper is an Australian operated company that produces and distributes high quality toilet and tissue paper brands Livi and Emporia throughout the Australasia region to both retail and away from home markets. Solaris Paper operates a converting facility in Greystanes, NSW.
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