IWP to sell Skiffy Group

ISEQ-listed personal care company IWP has agreed to sell the Skiffy Group for €28m to international distribution group Bunzl.

Three companies make up the Skiffy group - Johan Putzfeld BV, Acme SA and Skiffy UK.

The group manufacturers and distributes a range of plastic parts, metal parts and components.

The proceeds of the deal will be used to reduce IWP's debt and is subject to approval by the shareholders.

Following an announcement in December that the group's sales were down 11% in the six months to September, the company said its priority was now to reduce borrowings by selling non-core assets and to focus on its personal care operations.