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The company, whose move comes at a time when higher prices are hurting demand for consumer goods, said it will record the after-tax charge in the third quarter of fiscal 2024, which would shave off about $1.87 of its earnings per share in the quarter.
The financial terms of the deal were not disclosed.
Clorox Argentina was about 2% of the company’s fiscal 2024 net sales forecast in February, and could reduce its annual net sales growth target by about half a point, and adjusted earnings per share by up to 2 cents, the company said.
The Pine-Sol maker’s shares were down marginally in early trade.
In February, Clorox had lifted its annual targets as it posted a quick recovery from a cybersecurity incident that took its products off the shelves for a short period in September 2023.
In December, consumer goods giant Procter & Gamble (NYSE:PG) said it would restructure its Argentina and Nigeria operations as it deals with difficult macroeconomic conditions in the regions, along with a strong dollar.
