Unilever sells Italian frozen foods arm

THE HAGUE, NETHERLANDS: Anglo-Dutch food and cosmetics giant Unilever said on Monday, 19 July 2010, it would sell its Italian frozen foods business for €805 million (US$1.04 billion).

20 Jul 2010

"Unilever today [19 July] announced that it has signed a binding agreement for the sale of its Italian frozen foods business, Findus, to a company in which Birds Eye Iglo has a significant stake, for a consideration of €805 million," it said in a statement.

It would not name the company nor the size of the stake held by Britain-based Birds Eye Iglo.

Unilever said that all 650 of Findus' Italian-based factory and head office employees would go to work for the new company.

The sale included Findus' factory in Cisterna, Italy, and brands 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, and a dedicated factory in Cisterna, Italy.

"With this deal, Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market," Unilever Italy chairman James Hill said in the statement.

Findus Italy sales amounted to €462 million in 2009.

"The transaction is subject to relevant EU anti-trust regulatory approvals," added Unilever, whose key brands include Lipton tea, Magnum ice cream, Dove soap and Knorr sauces.

Source: AFP

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