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Unilever sells Mrs Ball's Chutney to Tiger Brands
Subject to Competition Commission approval, Unilever South Africa has sold the Mrs Ball's Chutney brand to Tiger Brands in a deal limited to intellectual property and inventories on hand. The purchase price will be R475 million, excluding inventories.
Dickon Hall, the current manufacturing partner for the branded products and a wholly-owned subsidiary of Libstar, will continue to serve as the manufacturing partner for the business.
The turnover for the brand for 2011 was R189 million. In the event of approval by the Competition Authorities.
Unilever South Africa chairman, Marijn van Tiggelen, stated that the group reviews its portfolio of brands on an ongoing basis and the decision to sell has been the result of a strategic review of the brand and the subsequent finding that the company cannot give the focus that this iconic South African brand deserves.
Tiger CEO, Peter Matlare added, "This acquisition will give the group ownership of one of South Africa's most treasured food brands and will complement our current shopper offering within the culinary business. We are excited about the deal and look forward to having this iconic brand in our portfolio of products."
