HUL to exit joint venture with US-based KCC

MUMBAI: Hindustan Unilever on Friday said its board has agreed to divest its entire stake in Kimberly-Clark Lever as part of a strategy to exit non-core businesses.
The 50-50 joint venture that makes and sells brands such as Kotex and Huggies since 1995 has an annual sales of about 300 crore last fiscal. Last year, the company announced its intention to exit the JV and said it will work with its partner Kimberly Clark to define the terms and future operating model for the business. “KCL shall cease to be a joint venture of the company.,” it said in a statement to BSE.

Procter & Gamble is the leader in baby and feminine hygiene care market while Japanese firm Unicharm has been gradually stealing share from Kimberly Clark.

The Indian unit of Anglo-Dutch Unilever has been divesting non-core assets — it sold bread and bakery business under the Modern brand to the Everstone Group and rice exports business to LT Foods in the past two years.