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Sale Advances Clorox’s IGNITE to Evolve Portfolio for Successful Long-Term Growth
OAKLAND, Calif. , March 21, 2024 /PRNewswire/ — The Clorox Company (NYSE: CLX) (the “Company” or “Clorox”) announced the sale of certain wholly-owned subsidiaries (collectively, “Clorox Argentina”), with operations in Argentina, Uruguay and Paraguay, to Apex Capital, a private equity fund associated with Grupo Mariposa, a 139-year-old food and beverage company with operations in 16 countries, and an investment organization led by Diego Barral, former senior vice president, president and general manager of external relations at Clorox. Financial terms were not disclosed.
The transaction includes Clorox’s two production facilities in Argentina, as well as the rights to certain Clorox brands in Argentina, Uruguay and Paraguay and the exchange of intellectual assets between those brands. The transaction does not include Clorox’s corporate and research and development centers in Latin America. , which will remain in Argentina for Clorox’s ongoing operations in other Latin American markets and supply transition centers to Clorox Argentina under its new owner. Clorox Argentina workers, including all production staff, will continue to be employed through Clorox Argentina (which will be renamed and operate as “Grupo Ayudin”), with the exception of workers committed to R
“This transaction supports our IGNITE strategy and our commitment to evolve our portfolio to focus more on our core businesses and drive more consistent and successful expansion,” said Linda Rendle, President and Chief Executive Officer. “I would like to thank our teammates in Argentina for managing the company well in this dynamic operating environment. The new owners share our values and bring proven local operational experience and their focus on maximising the company’s potential will position it to deliver results. “Continued expansion that benefits both consumers and workers.
Clorox Argentina represents approximately 2% of the company’s fiscal 2024 net sales outlook provided in the latest February 2024 earnings release. As a result of this transaction, the Company will incur a one-time after-tax fee of approximately $233 million in the third quarter. for fiscal year 2024 (representing a relief of approximately $1. 87 in profit consistent with the percentage). The vast majority of this rate is due to the non-cash release of approximately $222 million of accumulated foreign currency translation in the past recorded in line with shareholders’ equity. This transaction is expected to reduce the Company’s fiscal 2024 net sales expansion by approximately a portion of one constant percentage point and adjusted earnings according to a constant percentage between $0. 00 and $0. 02 cents. The company also does not reiterate any previous guidance.
About The Clorox Company The Clorox Company (NYSE: CLX) advocates for the well-being and fulfillment of people every day. Its trusted brands, such as Brita®, Burt’s Bees®, Clorox®, Fresh Step®, Glad®, Hidden Valley®, Kingsford®, Liquid-Plumr®, Pine-Sol®, and Natural Vitality®, are offered in about nine out of 10 homes in the U. S. Partners in the U. S. and around the world with brands such as Ayudin®, Clorinda®, Chux®, and Poett®. Headquartered in Oakland, California, since 1913, Clorox was one of the first in the U. S. to be founded in the U. S. The U. S. government has decided to integrate ESG into its business reporting. In 2024, the company was ranked No. 1 on Barron’s list of the 100 most sustainable companies for the second year in a row. thecloroxcorporate. com for more information.
Forward-Looking Statements This press release comprises “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adding, among other things, Array Statements regarding what is expected or forward-looking have an effect consistent with national business disruption resulting from a cyber attack, and such forward-looking statements involve hazards, assumptions and uncertainties. Except for old information, statements about long-term volumes, sales, biological sales expansion, foreign currencies, fees, fee savings, margins, profits, earnings consistent with participation, diluted earnings consistent with participation, exchange rates, tax rates , money flows, plans. , objectives, expectations, expansion or ability to achieve profits are forward-looking statements based on management’s estimates, ideals, assumptions and projections. Words like “could,” “possibly,” “expect,” “anticipate,” “goals,” “goals. ” ”, “projects”, “intends”, “plans”, “believes” Matrix “seeks”, “estimates, The words “will”, “predicts” and diversifications of those words, and similar expressions that reflect our existing ideals in relation with Long-term occasions and national, economic and monetary functionality are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual effects may also differ materially from those discussed. Important points that could also cause results to differ materially from management’s expectations are described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Consistent Financial Condition and Results of Operations. ” of the company’s annual report on Form 10-K. for the fiscal year ended June 30, 2023 and in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, and as updated from time to time in the Company’s filings with the Securities and Exchange Commission. . These points include, but are not limited to: our recovery from the cyber attack, general adverse economic and geopolitical situations beyond our control, as well as supply chain disruptions, hard labor shortages, wage pressures, emerging inflation, interest rate environment, tariffs of fuel and energy. , exchange rate fluctuations, climatic events or natural disasters, epidemics or pandemics, such as COVID-19, terrorism and volatile geopolitical situations, adding to the ongoing conflicts in the Middle East and Ukraine and expanding tensions between China and Taiwan, as well as the macroeconomic consequences and geopolitical volatility and insecurity are some of those and other points, adding up to real and potential adjustments between the United States and its trading partners, namely China; volatility and increasing costs of raw materials, energy, transportation, labor and other necessary materials or services; the impact of the retail environment on conversion, adding the expansion of selected retail channels and commercial styles, as well as the conversion of customer preferences; the Company’s ability to drive sales expansion, increase pricing and market share, expand its product categories and manage a favorable geographic and product mix; risks such as supply chain issues, product shortages and business disruptions, due to the creation of supply chain dependencies due to an expanded supplier network and dependence on certain single suppliers; intense festival in corporate markets; the company’s ability to implement and generate savings and efficiencies, and to effectively implement its transformation projects or strategies, adding the realization of the expected benefits and savings through the implementation of a simplified or consistent style with virtual functions. and productivity improvements; dependence on key customers and similar risks to visitor consolidation and order patterns; the Company’s ability to effectively manage global political, legal, fiscal and regulatory risks, including adjustments in regulatory or administrative activity; risks such as foreign relations and foreign trade, added to changes in macroeconomic situations due to inflation, volatility in raw material prices and increasing prices of raw materials and packaging, hard work, energy and logistics; global economic or political skills; currency fluctuations, such as devaluations and exchange rate controls; changes in government policies, adding trade, travel or immigration restrictions, new or additional securities lists and securities or other controls; hard labor grievances and civil unrest; the continuation of high levels of inflation in Argentina; perils related to acquisitions, new businesses and disposals, as well as relevant fees, adding asset impairment fees related to, among others, intangible assets, adding brands and goodwill, in specific impairment similar to the charge for use of vitamins, minerals and supplement businesses and disposal of our operations consisting of Argentina, as well as similar losses on the sale; and the ability to consummate the announced transactions and, if consummated, the integration fees and potential contingent liabilities related to such transactions; the accuracy of the Company’s estimates and assumptions on which its monetary projections are based, including forecasts of sales or profits or customers that it may obtain from time to time; accrual-like dangers in the estimated fair charge of The Procter & Gamble Company’s interest in Glad; the functionality of strategic alliances and other commercial relationships.
The Company’s forward-looking statements contained in this press release are based on management’s existing views, beliefs, assumptions and expectations relating to long-term events and speak only as of the date of this press release. The Company assumes no legal responsibility to update or update publicly. Review any forward-looking statements, whether as a result of new information, long-term events or otherwise, as required by the federal securities laws.
Non-GAAP Financial Information This press release comprises non-GAAP monetary data relating to adjusted EPS. Adjusted EPS is explained as diluted earnings consistent with a consistent percentage that excludes or has been adjusted differently for significant non-recurring or rare portions. The source effect of income tax on non-GAAP pieces is calculated based on the tax laws and statutory source tax rates applicable in the tax jurisdiction of the underlying non-GAAP adjustment. Adjusted EPS is supplemental data that management uses to help compare the company’s past and future monetary performance consistently over time. Management believes that through adjustment of certain pieces that affect the comparison of functionality over time, such as pension agreement pricing, additional cyber-like pricing, asset write-downs, simplified or consistent model-like pricing output, prices similar to virtual functions and investments in productivity improvements. By grouping significant losses/(gains) such as acquisitions or divestitures and other non-recurring or rare pieces, investors and controls can download more data about the underlying or consistent functionality of the company on a consistent basis over time. However, adjusted EPS may not be the same as similar measures provided by other companies due to possible differences in calculation methodologies or differences in the parts incorporated into those adjustments.
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SOURCE The Clorox Company