MUMBAI: Hindustan Unilever‘s subsidiary Pond’s Exports (PEL) that manufactures leather products, has entered into an agreement with Hindustan Foods for sale of certain movable assets and inventory as part of the company’s strategy to exit non-core businesses.
According to the company’s annual report the leather business had a rough year, due to challenging economic conditions in main market, Europe and further pushed down by a weaker Euro.
Over the past few quarters, HUL has been shedding some of its non-core businesses including the Modern Bakery brand to Everstone Group’s Nimman Foods and the rice exports business to LT Foods Middle East DMC.
In July this year HUL exited its 21-year-old joint venture Kimberly-Clark Lever Pvt Ltd(KCLL), which manufactured baby and feminine care business under its brand Huggies and Kotex.
In 2013, it exited its specialized marine exports business and sold its Chorward-based unit to Gadre Marine Exports.