Haleon Plc Enters Binding Agreement For Sale Of ChapStick Brand - Quick Facts

(RTTNews) - Haleon plc has entered into a binding agreement for the sale of the ChapStick brand to Suave Brands Company. Haleon will receive pre-tax cash proceeds of approximately $430 million, as well as a passive minority interest in the Suave Brands. This interest was valued at approximately $80 million. Haleon plc said cash proceeds from the sale will be used to pay down debt.

Brian McNamara, CEO, Haleon, said: "While ChapStick is a great brand, much loved by consumers around the world, it is not a core focus for Haleon. Selling the brand allows us to simplify our business and pay down debt more quickly."