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Rentokil forms JV with Germany's Haniel for workwear, hygiene units

Reuters

(Reuters) - Support services firm Rentokil Initial (RTO.L) said it would combine parts of its workwear and hygiene units with those of Haniel, a family-owned German firm, to create a leading European provider with combined revenues of about 1.1 billion euros (922.92 million pounds).

Britain's Rentokil said the joint venture would see it transfer its workwear and hygiene operations in 10 countries across the Benelux and Central and Eastern Europe regions to Haniel's CWS-boco brand, which operates in 17 countries.

Rentokil, which also provides pest control services, said it would receive around 520 million euros (437.76 million pounds) in cash and a stake of about 18 percent in the joint venture.

(Reporting by Esha Vaish in Bengaluru; Editing by Sunil Nair)