BACKGROUND

PZ Cussons was Iounded in 1879 as a trading post in Sierra Leone by George
Paterson and George Zochonis as Paterson Zochonis. The British-owned company
expanded its operations into nearby Nigeria beIore the end oI the 19th century. PZ
expanded considerably during the 20th century, acquiring Iactories and
establishing oIIices in Ghana and Kenya. It was one oI three or Iour Iirms which
commercially dominated Guinea as a colony beIore 1958. In 1975 the Company
acquired Cussons Group (Iounded by Thomas Cussons). Later that century more
oIIices and Iactories were acquired in Asia, with PZ's Iirst Iactory built in Thailand
in 1986, and operations expanded into Indonesia in 1988. In 1993 PZ bought the
state-owned Pollena Wroclaw in Poland, Iollowed in 1995 by Pollena Uroda and in
2002 Paterson Zochonis Plc was renamed PZ Cussons Plc.
In 2004 PZ Cussons sold the 1001 Carpet Cleaner brand to the American WD-40
Company Ior £6.2 million.
In 2005 PZ Cussons closed their Nottingham Iactory (Iounded by Gerard Bros.),
and relocated the operations to Thailand. In 2006 PZ Cussons announced a plan to
move their remaining English Iactory Irom Kersal to Swinton, both in the City oI
SalIord.
In 2008 PZ Cussons Plc acquired the Sanctuary Spa and Sanctuary products
business

STRATEGY
PZ Cussons operates in AIrica, Asia and Europe with its strategy built on Iour core
principles.
They operate in selected markets that have the potential Ior Iuture growth, both in
mature and emerging markets. Their presence across AIrica, Asia and Europe
ensures a naturally balanced portIolio oI global markets, which we continually
review to ensure they provide the Group with the best opportunities Ior proIitable
growth. They take pride in the knowledge oI local markets which enables us to
respond quickly and appropriately to local needs.
They develop leading brands Ior the markets in which we operate. Whilst some
have global reach, the majority oI the brands are sold only in local and regional
markets as we create products that are particularly suited to local needs and tastes.
The strategy is to grow these brands so they achieve category leading positions in
their markets and we continually review and expand the categories in which we
operate to ensure proIitable growth. We are proud oI the portIolio oI category
leading brands which are developed to satisIy the particular needs oI local
consumers.
They operate world class supply chain networks that enable us to deliver their
brands quickly and eIIiciently to the local consumers. The distribution systems
vary by market type, Irom traditional supply chain models in mature markets to
extensive nationwide depot networks in emerging markets. They continually adapt
their methods oI distribution to suit the local markets and to changing market
needs. They take pride in Ilexible distribution capability which is tailored
speciIically Ior the local market.
They recruit, develop and retain a great team oI people who are aligned with their
values and who can drive plans Ior growth. They aim is to create a high
perIormance culture oIIering career experiences and development. We work
together as a true meritocracy where leadership is determined by talent.

BRANDS
PZ Cussons' main brand is the Imperial Leather range oI soaps, bath and shower
and cosmetic products. It also produces Joy soaps, Cussons Kids toiletries, Premier
soaps, Carex anti-bacterial moisturisers, Cussons baby lotions, Luksja gels and
soaps, Makler perIumes, Pearl soaps, Sweet Seventeen teenage cosmetic products,
Venus range oI hair care products, Original Source shampoos and gels, Morning
Fresh dishwash liquid, Flourish Toothpaste, Elephant Extra Detergent, Radiant
Laundry Granules, Robb mentholated rubs, Duck Laundry Soap and Minerva
Olive Oils.


CORE VALUES OF PZ
As part oI our long-term people developement plan, we have identiIied the core
values that we believe are embedded in our culture. These values can be Iound
across the Group in every operation.
These values provide a Iramework Ior staII and ultimately Ior the Group to develop
and succeed.
Courage
We challenge convention, ourselves and each other.
We have the strength, willingness and determination to initiate, make things
happen and to carry them through.
Accountability
We are all champions oI our company.
We take personal responsibility Ior achieving our objectives. We do what we say
we shall do. We do what is right, not merely what is expected.
We act with openness, integrity and trust. We ask Ior help, admit to our mistakes
and put things right.
Networking
We are one company across all Iunctions and geographies. We work towards a
common goal through co-operation and teamwork.
Drive
We are relentless in our pursuit oI success. Together we approach each day with
the energy, passion and persistence to exceed expectations.
Oneness
We are all PZ Cussons people. We treat each other with respect regardless oI
status. We act proIessionally and together we celebrate our success with
understated pride. We are quiet achievers

PROBLEMS FACED BY PZ CUSSONS
PZ Cussons recently had problems in their Iactories. Temperatures oI 30 to 35°C in
a 6000 m
2
Iactory producing liquid soaps have been reduced to 20 to 25°C
Iollowing the installation oI Breezair evaporative coolers by CosaI. PZ Cussons
needed a solution Ior its overheating production areas and summertime solar gain,
and CosaI was chosen to design, supply and install a low-energy, low-carbon
cooling system to overcome the problem oI an uncomIortable working
environment
On April 6, 2011, PZ Cussons, maker oI Imperial Leather and Carex soaps saw its
shares slip more than 6° as it warned consumers are cutting spending and the cost
oI raw materials is rising.
"In the UK, trading conditions remain challenging with high levels oI promotional
activity and a continuing squeeze on consumer spending," the Iirm said. "This is
particularly noticeable in areas such as shower gels and handwash."
PZ Cussons said premium beauty brands such as The Sanctuary, St
Tropez and Charles Worthington have "continued to perIorm well" and should help
to oIIset some oI the weaker sales Irom mainstream brands.
PZ Cussons added that results should still meet City expectations. Sales
across Asia, responsible Ior around 20° oI turnover, have been strong. But PZ
Cussons admitted to some problems in Europe and AIrica, which each generate
close to 40° oI revenues.
There is a "diIIicult consumer environment" Greece and Poland while delayed
elections in Nigeria are likely to cause some disruption. Consumer spending
in Australia has also slowed. The shares were down 21.5p at 319.8p





RECOMMENDATION
The quality and saIety oI our products is ensured through the PZ Cussons Group
World Class ManuIacturing system which ensures conIormity to international
standards on Good ManuIacturing Practice (eg ISO 22716) and adherence to
stringent product quality controls. We are also over time aiming to bring all
operations across the Group in line with ISO 9001 in respect oI Quality
Management Systems.
IT IS HIGHLY recommended that the economic recession which recently struck
the world be completely dealt with by world leaders so that consumer spending can
increase worldwide.

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