By Anthony O. Goriainoff

Accrol Group Holdings PLC said Wednesday that it has reached a licensing agreement with Unilever PLC to produce and sell a kitchen towel product under its Lifebuoy brand.

The U.K. tissue producer said it expects to deliver Lifebuoy kitchen towel at a retail price-point positioned between the current market leader and its private label equivalents.

Production of the Lifebuoy kitchen towel product requires no additional capital investment, Accrol said.

In January, the company said that its licensed business model is expected to generate 10% to 20% of group revenue in the medium-to-long term.

"The group has ambition and continues to explore new opportunities, including further licensing deals, to bring high quality products at affordable prices to the U.K. consumer," the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

March 01, 2023 03:09 ET (08:09 GMT)

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