Acquisition

PZ CUSSONS PLC
01 July 2004


For immediate release                                             1st July 2004

           PZ Cussons to acquire Charles Worthington haircare business

PZ Cussons, the international consumer products group, announces a further
strengthening of its personal care business with the acquisition of the Charles
Worthington hair care range. Settlement will be in the form of an initial cash
consideration of £25 million and further cash consideration over 5 years of
between £5 million and £12 million dependent on future sales' performance. PZ
Cussons expects to be able to expand the Charles Worthington brand through its
international subsidiaries in Australia, Eastern Europe and the Far East, and to
resolve the current trading losses in the USA. PZ Cussons will fund the
acquisition from existing cash resources and will acquire net assets of £2.5
million free from any funding indebtedness.

The Charles Worthington Business

The acquisition of the hair care products business does not include the salon
business of Charles Worthington. In the UK, the Charles Worthington Hair and
Beauty Company has an exclusive sales agreement with Boots the Chemist for its
complete product range. UK Sales, including exports of haircare products, are
forecast at £18.7 million for the year to 30th June 2004 (2003 audited £20.1
million). This business is forecast to achieve profits for the year before
interest and taxation of £2.8 million (2003 audited £2.8 million). The recent
venture of launching in the USA has required significant investment and losses
of £1.3 million are forecast in 2004 (2003 audited £1.1 million). Profits of the
acquired haircare range are therefore forecast to be £1.5 million in 2004 (2003
audited £1.7 million).

Strategy

PZ Cussons international policy remains to focus on specific geographical
markets with potential for growth. The Charles Worthington haircare range
complements the strong personal wash brand portfolio of the UK subsidiary and
has the potential to add to the brand and category portfolios in other units of
the Group.

For further information contact 

A. G. Calder, Group Finance Director.            Telephone Number 0161 491 8000
or
Terry Garrett, Weber Shandwick Square Mile       Telephone Number 0207 067 0700



                      This information is provided by RNS
            The company news service from the London Stock Exchange