July 22, 2010

Unilever sells Italian Frozen Foods business

Unilever 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 EUR805 million (US$1,032 million).

The transaction includes the sale of the Italian Findus business, comprising the following brands: 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, and a factory in Cisterna, Italy.

James Hill, Chairman of Unilever Italy, said, "Findus is the lynchpin of an attractive and profitable Frozen Foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring. 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."

As part of the agreement, approximately 650 factory and head office employees will transfer.  Sales of Findus Italy were EUR462 million (US$592 million) in 2009. The transaction is subject to relevant EU anti-trust regulatory approvals.