Ontex Completes Sale of Its Turkish Business to Dilek Grup

Ontex Group NV has completed the sale of its Turkish business to Dilek Grup. The transaction covers the company’s operations in Turkey, export activities to certain neighboring markets, and the use of brands such as Canbebe, Canped and Prosafe, as well as its manufacturing plant in Istanbul.

Under its new ownership, the former Ontex subsidiary will continue to develop, manufacture, market and distribute branded personal hygiene products, maintaining its leadership position in Turkey and surrounding regions.

“With this transaction, we complete our strategic refocusing on retail and healthcare brands in our core markets in Europe and North America, where we see significant growth and margin improvement potential,” said Gustavo Calvo Paz, CEO of Ontex. He also thanked the Turkish team for their contribution and wished them success in this new phase under Dilek Grup.

 

The expected net benefit, after taxes and transaction costs and net of the cash disposed, amounts to approximately €25 million and remains subject to customary post-closing adjustments. The closing will also result in a non-cash accounting loss of around €70 million, related to accumulated foreign currency translation reserves.

Ontex had announced its intention to divest the Turkish business in February. The subsidiary, part of the Emerging Markets division, generated nearly €90 million in sales last year through the development, manufacturing, marketing and distribution of branded personal hygiene products.