Pacific Brands sell workwear business to Wesfarmers Industrial and Safety

Pacific Brands has sold its safety and industrial workwear business to Wesfarmers for $180 million.

The workwear group includes King Gee and Hard Yakka.

According to Pacific Brands the workwear segment reported sales and EBIT of $368.5 million and $22.1 million respectively for F14.

As of June the the carrying value of the assets was approximately $140 million.

Subject to ACCC approvals, the eventual sale of the group will net Pacific Brands approximately $35 million in profit.

Newly installed CEO DAVID Bortolussi said "the sale of Workwear simplifies and focuses Pacific Brands' group strategy; it also reduces exposure to the challenging industrial market".

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