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Belgium's Ontex finalises divestiture of Algerian business to Hygianis

04 Apr '24
1 min read
Pic: Ontex
Pic: Ontex

Ontex, a leading Belgium-based developer and producer of hygienic products, has officially completed the sale of its Algerian operation to Hygianis SPA, marking the end of a long-standing partnership that spanned over two decades. The agreement sees Hygianis SPA acquiring Ontex's manufacturing facility in Algeria along with the business operations within the country, in addition to exports to some neighbouring nations.

The transaction, valued at approximately €25 million before taxes and related transaction costs, is anticipated to undergo standard post-closing adjustments as per usual business practices, the company said in a press release.

“With this transaction, we make further progress in becoming the number one trusted partner for retail and healthcare brands, allowing us to focus even more on the strategic roadmap for our core markets of Europe and North America, where we have significant growth and margin improvement potential. I wish the full team of Algeria the very best while writing this new chapter of their story,” said Gustavo Calvo Paz, CEO of Ontex.

Fibre2Fashion News Desk (DP)

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