Financial Daily from THE HINDU group of publications
Saturday, Mar 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Mar 23, 2002 |
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Corporate
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Restructuring HLL to transfer Diversey Lever to Johnson Wax Our Bureau
MUMBAI, March 22 HINDUSTAN Lever Ltd plans to transfer its Diversey Lever business as a going concern to Johnson Wax Professional Pvt Ltd, a 100 per cent subsidiary of SC Johnson Commercial Markets Inc. USA, at a value of Rs 55 crore. In November 2001, Diversey Lever, a Unilever subsidiary, and Johnson Wax Professional Pvt Ltd had decided to combile globally to form a new company. Diversey Lever produces, markets and distributes a variety of products for industrial and institutional cleaning. "HLL believes that since the Diversey Lever operations constitutes an insignificant part of the detergents business of HLL, it could not be regarded as an independent undertaking of the company given its size and scale," a statement said.
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