Latest News | HUL and GSK Consumer to Terminate Distribution Agreement for OTC Products
Get latest articles and stories on Latest News at LatestLY. FMCG major Hindustan Unilever Ltd (HUL) and healthcare firm GSK have mutually decided to terminate their agreement for selling of Over-the-Counter (OTC) and oral care products.
New Delhi, Nov 9 (PTI) FMCG major Hindustan Unilever Ltd (HUL) and healthcare firm GSK have mutually decided to terminate their agreement for selling of Over-the-Counter (OTC) and oral care products.
The agreement was for brands such as Crocin, Eno, Iodex, Ostocalcium, Otrivin, and Sensodyne, which were owned by GSK.
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These brands were distributed by GlaxoSmithKline Consumer.
After HUL acquired GlaxoSmithKline Consumer in 2020, it entered into a distribution agreement with GSK to sell these OTC and oral care products.
"The company, GSKAPL and GSKCPL have mutually agreed and expressed their intention to terminate the agreements with effect from 8th November 2023," said HUL.
As per the agreements, the one-year notice period for termination shall commence from November 9, 2022, it added.
"This shall not have any material effect on the operations of the company," it added.
In December 2018, GSK Consumer Healthcare announced its merger with HUL in an all-stock deal at a valuation of the Indian unit of GSK at Rs 31,700 crore.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)