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Dial closes Argentina sale

This article was originally published in The Rose Sheet

Executive Summary

Sale of Argentina business yields cash proceeds of $7 mil. and tax benefits of about $61 mil., both slightly higher than anticipated, Dial reports. Scottsdale, Ariz. firm announced completion of the sale June 30 to The Value Brands Company de Argentina and TVBC, entities designated by private equity investor Southern Cross Group. Transaction included the sale of assets of Dial Argentina, including the stock of its two subsidiaries. During a Dec. 23 call announcing the planned divestiture, positive cash flow was estimated at $6 mil. and tax benefits at $55 mil. (1"The Rose Sheet" Jan. 6, 2003, p. 8). The firm recorded a $62.4 mil. after-tax loss in the fourth quarter from the pending sale of the business...
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