British household & personal care products manufacturer McBride has closed on the disposal of its European personal care liquids unit to Dutch peer Royal Sanders Group for 12.5 million pounds ($16 million) in cash.
McBride plans to use proceeds from the disposal to pay down group net debt and settle transaction costs.
The Middleton business operates manufacturing sites in Manchester, Barrow, Hull and Bradford. In the twelve months to June 30, 2018, the European Personal Care Liquids business generated revenues of $71.9 million.
McBride said that with the disposal of the European personal care liquids business, the company is now a focused household business with a clear strategy to deliver sustainable profitable growth.