Italian food manufacturer Cirio Finanziaria is to sell its Brazilian household goods division Bombril.
Attilio Zimatore, the state-appointed administrator of the Italian company, announced the disposals plans at the weekend. The sale will assist Cirio as it seeks to turn itself around after defaulting on €1.1bn (US$1.346bn) bonds late 2002.
Cirio has come under pressure to sell its shares in Bombril by both minority shareholders and the Brazilian stock market regulator, reported ANSA. Administrators are also investigating offers for Cirio’s other subsidiary interests.