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(Sharecast News) - Wellnex Life announced on Wednesday that it has divested its Iron Company brand to CW Retail Holdings, part of the Chemist Warehouse group, as part of a strategic review following its recent AIM listing.
The transaction, effective 30 June, was completed for no cash consideration in exchange for trade activity supporting Wellnex's core brands Pain Away, Wakey Wakey and Nighty Night within the Chemist Warehouse network of retail pharmacies, which trade across Australia and New Zealand.
"The Iron Company brand contributed less than 0.5% to Wellnex's gross margins and with our renewed strategy to focus on our key major brands ... the company has taken the opportunity to divest the brand," said joint chief executive Zack Bozinovski.
Wellnex said the divestment formed part of a broader strategy to focus investment and resources on higher-performing brand assets, as it continued to strengthen its position in the consumer healthcare market.
At 1026 BST, shares in Wellnex Life were down 2.9% at 15.05p.
Reporting by Josh White for Sharecast.com.
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