By Martinne Geller and Arno Schuetze
LONDON/FRANKFURT (Reuters) – Consumer goods group Reckitt Benckiser Group
is preparing to sell some of its non-core personal care brands, including Veet hair removal cream and Clearasil acne cream, four sources familiar with the matter said on Monday.
The package of brands up for sale – which also includes E45 skin cream and Scholl foot products – could be worth as much as 1 billion pounds ($1.3 billion) in a sale, two of the sources said, based on estimates of annual earnings before interest, tax, depreciation and amortisation north of 120 million pounds.
The process comes as Reckitt is generating unusually strong sales in its hygiene business due to the COVID-19 pandemic, as people snap up its Lysol and Dettol disinfectants. It is also a strategic step for its new chief executive, Laxman Narasimhan, who has been in the top job for one year.