Ontex Group NV has completed the divestment of its Turkish business to Dilek Grup. The transaction includes Ontex’s business in Turkey and related exports to certain surrounding countries, marketed through brands like Canbebe, Canped and Prosafe, as well as its plant in Istanbul.

Under its new ownership, the former Ontex subsidiary will continue to develop, manufacture, commercialize and distribute predominantly branded personal hygiene products with leading positions in Türkiye and the surrounding regions.

“With this transaction, we conclude our strategic refocus on retail and healthcare brands in our Core Markets of Europe and North America, where we have significant growth and margin improvement potential,” says Ontex CEO Gustavo Calvo Paz. “I want to thank the full Turkish team for their contributions and wish them the very best in writing this new chapter of their history under the umbrella of Dilek Grup!” 

The expected net proceeds, after taxes and transaction costs and net of cash disposed, are approximately €25 million, and remain subject to customary post-closing adjustments. The finalization of the transaction will trigger the recognition of a non-cash accounting loss of approximately €(70) million related to the accumulated currency translation reserves.

Ontex announced its intent to sell its Turkish business in February.  The subsidiary develops, manufactures, commercializes and distributes predominantly branded personal hygiene products with leading positions in Turkey and the surrounding regions. Last year, the subsidiary — as part of the Emerging Markets division—generated about €90 million in sales