SCA’s agreement with Vinda to transfer its hygiene business in China (Mainland China, Hong Kong and Macau) has today been approved by the independent shareholders of Vinda.
Vinda is listed on the Hong Kong Stock Exchange, and the agreement which strengthens the cooperation between SCA and Vinda (announced 18 July) was subject to approval by the independent shareholders of Vinda. The transaction is expected to close on 1 October. As of the closing date, Vinda will have the exclusive license to market and sell the SCA brands TENA, Tork, Tempo, Libero, and Libresse in China (Mainland China,Hong Kong and Macau). In these markets, Vinda will hold the rights to these brands and acquire SCA’s Dr P and Sealer brands, while SCA will continue to provide innovation and technical support for the business.
SCA has been a shareholder in Vinda since 2007, became its majority shareholder in late 2013, and has consolidated Vinda financials since the first quarter of 2014. SCA’s hygiene business in China (Mainland China, Hong Kong and Macau) had net sales of approximately SEK600m in 2013. The purchase consideration amounts to HKD1,144m (approx. SEK1,000m) on a debt-free basis.