Blackmores Limited has announced the signing of an agreement for the sale of its Global Therapeutics business to McPherson’s Limited.
Global Therapeutics, which was acquired by Blackmores Group in May 2016, manufactures a product range that draws upon traditional Chinese medicine in combination with contemporary herbal treatments.
Alastair Symington, Chief Executive Officer, Managing Director, and Executive Director of Blackmores, said the A$27 million transaction was in line with the company’s new strategic focus which includes divesting its non-core brands from the portfolio.
“Fusion Health and Oriental Botanicals are wonderful brands which play an important role in the health and wellness routine of many Australians,” Mr Symington said.
“While we have decided that Global Therapeutics is no longer part of our strategic priorities, I want to acknowledge the unique value of these brands and believe Global Therapeutics will now have an opportunity to reach its true potential with McPherson’s.”
Established in 1860, McPherson’s is a leading supplier of Health, Wellness and Beauty products in Australasia and increasingly China, with operations in Australia, New Zealand and Asia.
The company’s portfolio of owned market-leading brands, include Manicare, Lady Jayne, Dr. LeWinn’s, A’kin, Swisspers, Multix, Moosehead and Maseur.
The transaction is scheduled for completion on 30 November 2020.