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GHPL license to sell Kiwi terminated
Godrej Household Products Ltd. (GHPL), a 100% subsidiary of Godrej Consumer Products
Ltd. (GCPL), announced that Sara Lee Corporation has terminated GHPL’s license for Kiwi
(shoe care) and Kiwi Kleen brands in India and Sri Lanka with effect from April 3, 2011.
Sara Lee will pay GHPL a consideration of `177cr towards the termination.
GCPL’s management indicated that the agreement would be in favour of the company as
the shoe care business is a non-core business of the company. The organisation’s focus
areas are personal care, hair care and home care within Asia, Africa and Latin America.
Sara Lee Corporation and GCPL were in a JV for 15years.
At the CMP, the stock is trading 19.5x FY2012E EPS. We maintain our Accumulate view on
the stock with a target price of `400
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
GHPL license to sell Kiwi terminated
Godrej Household Products Ltd. (GHPL), a 100% subsidiary of Godrej Consumer Products
Ltd. (GCPL), announced that Sara Lee Corporation has terminated GHPL’s license for Kiwi
(shoe care) and Kiwi Kleen brands in India and Sri Lanka with effect from April 3, 2011.
Sara Lee will pay GHPL a consideration of `177cr towards the termination.
GCPL’s management indicated that the agreement would be in favour of the company as
the shoe care business is a non-core business of the company. The organisation’s focus
areas are personal care, hair care and home care within Asia, Africa and Latin America.
Sara Lee Corporation and GCPL were in a JV for 15years.
At the CMP, the stock is trading 19.5x FY2012E EPS. We maintain our Accumulate view on
the stock with a target price of `400
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