Asaelo sells Australian Consumer Tissue business to Solaris Paper

Company News

by Rachael Jones

Asaelo (ASX:AHY) have completed the sale of the its Australian Consumer Tissue business to Solaris Paper.

The division being sold includes Sorbent, Handee Ultra and Deeko and proceeds will reach $180 million.

The company will keep hold of its Australasian Personal Care and B2B operations as well as the Consumer Tissues business in New Zealand and the Pacific Islands.

The sale proceeds will strengthen their balance sheet and reduce debt.

Shares in Asaelo (ASX:AHY) trading 1.68 per cent lower at 88 cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.