March 5, 2020 / 8:47 AM / a month ago

New Henkel CEO plans to divest or discontinue some brands

BERLIN, March 5 (Reuters) - The new chief executive of Henkel announced plans on Thursday to divest or discontinue brands in the consumer businesses of the German company by 2021 at the same time as looking for new acquisition opportunities.

Henkel said in a statement that “active portfolio management” would be a key element in the new strategy of Carsten Knobel, Henkel’s former finance chief who took over as chief executive in January after a string of poor results.

To that end, Henkel said it had identified brands and categories with a total sales volume of more than 1 billion euros ($1.11 billion), mainly in its consumer units, of which around 50% were marked to be divested or discontinued by 2021. ($1 = 0.8984 euros) (Reporting by Emma Thomasson Editing by Michelle Martin)

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