Ontex Completes Divestiture of Turkish Subsidiary

Ontex Group has completed the sale of its Turkish operations to Dilek Group. The transaction encompasses Ontex's business in Turkey and related export operations to neighboring countries, covering brands such as Canbebe, Canped, and Prosafe, along with its manufacturing facility in Istanbul.

Under new ownership, the former Ontex subsidiary will continue to lead the development, manufacturing, marketing, and distribution of branded personal care products in Turkey and surrounding regions, maintaining its market leadership position.

After deducting taxes, transaction costs, and disposal cash, the net proceeds are expected to be approximately €25 million, subject to customary post-closing adjustments. The transaction completion will trigger the recognition of a non-cash accounting loss of approximately €70 million related to accumulated currency translation reserves.