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Essity divests 50% stake in Turkish firm

Essity divests 50% stake in Turkish firm

Sweden-based Essity AB has announced that it will be divesting 50 per cent of its stake of the Turkish company SCA Yildiz, to the company’s other part owner Yildiz.

Essity added that the deal will be finalised in the second quarter of this year. However, the value of the deal was not disclosed.

SCA Yildiz is majorly active in manufacturing baby care products and in 2018, it reported total sales of SEK 364 million.

 

In a statement released to media, Essity said that the divestment will cause a currency-related loss of nearly SEK 150 million, which will be recognised as an item affecting comparability in Q2 of 2019.

 

The company also mentioned, in the statement, that the above will not affect, in any way, the flow of cash or shareholders’ equity.

 

Meanwhile, Essity has said that it will continue to be present in Turkey through its wholly owned professional hygiene, incontinence products and medical solutions operations.

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Kohan Textile Journal is the leading magazine for the Textile industry, Textile machinery, Synthetic Fibers and Nonwovens in MENA region (the Middle East and North Africa) and is published every two months. It basically emphasizes on textile machinery, textile products, carpet and synthetic fibres distributed among the factories, manufacturers, and traders of floorcovering industries.l

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