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.