Ontex reaches an important milestone in its strategy with an agreement to sell its Mexican business to Softys

Aalst, Belgium – WEBWIRE



Ontex Group NV (Euronext: Ontex), a leading international supplier of personal care products announces that it has entered into a binding agreement to sell its Mexican business activities for approximately €285 million to Softys S.A., a personal hygiene company with operations across Latin America. Softys is a wholly owned subsidiary of Empresas CMPC S.A., headquartered in Chile.


The transaction includes Ontex’s business in Mexico and related exports to regional markets as well as its manufacturing facility in Puebla, Mexico. The plant in Tijuana, Mexico remains within the Ontex portfolio as an integral part of Ontex’s North American supply chain footprint.


The transaction is an important milestone in Ontex’s new strategy announced in December 2021 to focus on its Partner Brands and Healthcare Business, and accordingly to explore strategic alternatives for its branded business in Emerging Markets.


Esther Berrozpe Galindo, CEO, Ontex, said: “This divestment represents a major milestone in our strategy to reshape our portfolio. The proceeds from the sale will contribute to reducing our net debt and strengthening our balance sheet. I am convinced that Softys, with its 40 years of experience in the personal hygiene market in Latin America, is well placed to take the business forward, benefiting from the talent and expertise of our team in Mexico.”


Ontex’s Mexican business is being sold at an enterprise value of MXN $5,950 million (or approximately €285 million at current exchange rate). This includes a deferred payment of MXN $500 million, spread over a maximum of five years. Aggregate net cash proceeds, after the impact of taxes, transaction expenses and balance sheet adjustments are estimated at approximately €250 million, and will be exclusively applied to reduce debt.


The business being sold develops, manufactures and distributes baby diapers, baby pants, adult diapers and feminine hygiene products, marketed through the brands BBTips®, Chicolastic®, Kiddies®, BioBaby® and others. It has approximately 1,300 employees and generated sales of MXN $7.4 billion in 2021.


Ontex and Softys aim to close the transaction, which is subject to the customary conditions, including the applicable merger clearance approvals, by early 2023.


Goldman Sachs Bank Europe SE acted as exclusive financial advisor to Ontex. Cleary Gottlieb Steen & Hamilton LLP and Gonzalez Calvillo acted as legal advisors to Ontex.

Kasentex Reaches Five Best Amazon’s Deals

 Kasentex is an online retailer on a mission to bring change in the bedding industry and make luxury and comfort beddings more affordable. Their Quilt Bedding Coverlet Blanket Set has been mentioned as one of the best Amazon deals of March.

“We’re so excited to see our sets were featured with Yahoo Life as best deals of the month. That means we’re moving in the right direction and most importantly – our customers are satisfied,” says Jane Kuzmich – Kasentex Social Media Coordinator.

“It’s so cozy and feels like home to me,” a happy customer said. “It’s lightweight enough to keep you warm without overdoing it and if you’re needing some extra warmth, this thing is so big just grab the other side of this blanket and put it over you. It’s been a few months now, and after a few washes and nights of sleeping with it, still feels and looks brand new!”

For more information, visit Kasentex.com; Yahoo Life article: https://www.yahoo.com/lifestyle/best-amazon-sales-114550674.html; customer’s review/; https://www.amazon.com/gp/customer-reviews/R34YTE09BKU45W/ref=cm_cr_arp_d_rvw_ttl?ie=UTF8&ASIN=B07M6LW93W%22

Kasentex

Jane Kuzmich

908-801-0068

kasentex.com

ContactContact

Categories

  • Furniture & Furnishings

Japan – MC Reaches Agreement with Denbury on CO2 Transport and Storage Operations for Fuel Ammonia Production

Mitsubishi Corporation (“MC”) is pleased to announce that it has reached an agreement with the Texas-based independent energy company Denbury Inc (“Denbury”) on the key term-sheet of CO2 transport and storage operations, via Denbury’s wholly owned subsidiary Denbury Carbon Solutions LLC (“DCS”). The business is in line with MC’s aim to commence production of fuel-use ammonia (“fuel ammonia”) in the US Gulf of Mexico (“GoM”).

MC aims to produce one million tons of fuel ammonia annually in the US GoM and export to the Japanese market towards the late 2020s. The estimated CO2 volume to be captured from the ammonia facility is maximum 1.8 million metric tons per annum. Under the terms of our agreement with Denbury, the captured CO2 will be either sequestered underground via Denbury’s EOR(1) or CCS(2) which Denbury plans to develop in the future. The term sheet contemplates an initial period of 20 years, with the ability to extend further.

In the US GoM, Denbury owns unique capabilities and assets such as CO2 Green Pipeline system that ranks among the world’s largest. The company has been active in the region for more than two decades, focusing on CO2-use EOR business. With international efforts to decarbonize picking up pace in recent years, Denbury unveiled its CCS business policy in January 2020 and launched DCS to focus on these operations.

Ammonia does not emit CO2 when burned, so expectations are that switching to its use in thermal power generation will help to reduce carbon emissions. Japan’s Ministry of Economy, Trade and Industry convened a public-private council to promote the introduction of fuel ammonia, and in February 2020 the council announced the roadmap for use of ammonia to power thermal power plants. Assumption is that Japan’s annual imports of ammonia will reach 3 million tons by 2030 and 30 million tons by 2050.

One of MC’s goals is to introduce fuel ammonia in Japan. Through ammonia production and CCUS(3) businesses, we are taking steps to build the fuel ammonia supply chain. Furthermore, our efforts to balance energy supply stability and decarbonization meet to MC’s overarching aim to achieve its three-value mission(4) and sustainable growth.

(1) Enhanced Oil Recovery
(2) Carbon dioxide Capture and Storage
(3) Carbon dioxide Capture, Utilization and Storage
(4) Simultaneous generation of economic, societal and environmental value

Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Canada – Canada reaches agreement with U.S. to support refugees’ travel to safety

The Government of Canada continues to exhaust every option to get as many Afghans to safety as possible, in partnership with our allies around the world. In the first phase of our operation, Canada evacuated roughly 3,700 people from Afghanistan—the majority of whom are refugees who supported Canada’s mission, and will soon begin new lives in this country.

August 31, 2021—Ottawa, ON—The Government of Canada continues to exhaust every option to get as many Afghans to safety as possible, in partnership with our allies around the world. In the first phase of our operation, Canada evacuated roughly 3,700 people from Afghanistan—the majority of whom are refugees who supported Canada’s mission, and will soon begin new lives in this country.

As we begin the second phase of our operation, Canada’s solidarity with the people of Afghanistan remains strong. This phase will center on welcoming Afghan refugees who have been forced to flee Afghanistan to another country.

As part of this work, the Government of Canada has reached agreement with the United States to closely cooperate on the safe passage and departure from Afghanistan of our nationals, Afghan nationals who have served both countries, as well as their families. As part of this agreement, Canada will welcome up to 5,000 refugees whose evacuations were facilitated by the United States. These refugees will be accepted as part of Canada’s recently announced program for some 20,000 refugees, which include persecuted Afghan minorities, women human rights advocates, LGBTI individuals, and journalists. This collaboration will also help to reduce current pressures in the global resettlement system, facilitating wider international efforts to support Afghan refugees and accelerating efforts to welcome more refugees to safety in Canada.

Refugees must meet all eligibility and admissibility requirements. They will come to Canada via countries where they have been temporarily located after fleeing Afghanistan.

Canada and the U.S. have a long and proud history of shared values and strong cooperation, and the Government of Canada is grateful for the U.S.’s efforts to protect the Hamid Karzai International Airport and evacuate as many people as possible. This partnership, which saw many Canadians and refugees bound for Canada evacuated on American flights, forms the basis for today’s agreement to welcome these refugees to Canada.

Japan – Honda Reaches 15 Million-unit Mark in Cumulative Power Products Production in China

Honda today announced that the company has reached the 15 million-unit mark in cumulative power products production in China.

Ever since it started local production of power products in China in 2002, Honda has been offering a variety of power products which support the daily lives of a wide range of customers. Centering around core general-purpose engine technologies, Honda’s power products lineup includes products that serve as the “power” to help people in their daily lives, such as lawnmowers and tillers, as well as products that create energy, such as generators.

In 2011, in order to offer products which are rooted in the daily lives of Chinese customers and accurately reflect their needs, Honda established a local R&D Center at its local subsidiary, Jialing-Honda Motors Co., Ltd. [currently Honda Power Products (China) Co., Ltd.], through which Honda has been introducing various locally-developed power products for the agricultural equipment market in China, including trimmers and tillers.

A broad range of China-made Honda power products is currently being exported to more than 100 countries and helping customers in China and all around the world. Especially, in recent years, an increasing number of Honda power products developed locally in China, and perfected through research on various use environments in China, are being exported to the rest of Asia, also demonstrating their true value in the global market. As a result, power products business in China has been one of the pillars that supports Honda’s global power products business.

Based on the spirit of “utilizing technology to help people,” which Honda has been pursuing since its founding, and through Life Creation business in China, Honda will continue taking on challenges to offer new value which makes daily lives more enjoyable for customer all around the world.

Milestones toward reaching the 15 million-unit mark in cumulative power products production in China:

Jan. 1993 – Jialing-Honda Motors Co., Ltd. was established.*
Aug. 2002 – Production of power products in China began.
Mar. 2004 – Cumulative power products production reached 100,000 units.
Mar. 2007 – Cumulative production reached 1 million units.
Jul. 2011 – R&D Center of Jialing-Honda Motors Co., Ltd. was established.
Jan. 2015 – Production of first locally-developed products, UMQ435 (trimmer), began.
Nov. 2017 – Cumulative production reached 10 million units.
Dec. 2019 – Honda (HMCI) acquired equity shares from Chongqing Jialing Industrial Co., Ltd. and made Jialing-Honda Motors Co., Ltd. a wholly-owned subsidiary of Honda.
Jul. 2020 – Jialing-Honda Motors Co., Ltd. changed the company name to Honda Power Products (China) Co., Ltd.
Jul. 2021 – Cumulative production reached 15 million units.

* Jialing-Honda Motors Co., Ltd. was established as a joint venture company to focus on the production and sales of motorcycle engines and motorcycles.

Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.