Symex Holdings Limited (SYM) announced that, as part of its strategic review commenced in August 2011, it has completed the sale of one of its fully owned subsidiaries, DSC International Pty Ltd, to Scott Chemicals Australia Pty Ltd for an undisclosed amount. DCS International sells a large range of specialty raw materials in the surface coating, food, personal care and cosmetic markets. DCS International is considered non-core to the company’s strategy going forward and today’s announcement forms part of the findings of the strategic review to divest non core assets, as set out in Symex’s announcement to the market concerning the FY12 Half Year results, dated 29 February 2012. All proceeds of the sale will be applied to reduce bank debt.
Symex’s Pental Consumer Products Division is Australia’s largest manufacturer of soap, supplying its own brands of Country Life, Natural Selections, Sunlight, Velvet, Knights Castile and Lux , together with the sale of icon brands such as Jiffy Firelighters, Softly premium wool wash, Huggie fabric softener, Country Homestead wool mix, Sureguard moth and silverfish repellent, Hi Speed iron cleaner and Close Up and Aim toothpastes.