Unilever Sells Bertolli Business
Unilever signs a definitive agreement for the disposal of its Bertolli olive oil and vinegar business with Grupo SOS for a consideration of 630 million euros. The transaction is structured as a worldwide, perpetual license by Unilever of the Bertolli brand in respect of olive oil and premium vinegar. This includes the sale of the Italian Maya, Dante, and San Giorgio olive oil and seed oil businesses, as well as the factory at Inveruno, Italy.
Vindi Banga, Unilever president for Foods, Home and Personal Care, says, "Bertolli is a brand leader in olive oils in Europe, the United States and Australia, and we believe that Grupo SOS, with their deep expertise in this category, will further strengthen the business. We look forward to working with Grupo SOS to continue to build the Bertolli brand and to create further value."
Unilever will retain the Bertolli brand for all other categories, including margarine, pasta sauces and frozen meals. The Bertolli brand remains a priority for Unilever with strong growth plans based on capturing the growing appetite for Mediterranean food products. The transaction is part of Unilever's announced plans to dispose of non-strategic brands with collectively more than 2 billion euros in turnover. The agreement, which is subject to the relevant regulatory approvals, is expected to close during 2008.
Vindi Banga, Unilever president for Foods, Home and Personal Care, says, "Bertolli is a brand leader in olive oils in Europe, the United States and Australia, and we believe that Grupo SOS, with their deep expertise in this category, will further strengthen the business. We look forward to working with Grupo SOS to continue to build the Bertolli brand and to create further value."
Unilever will retain the Bertolli brand for all other categories, including margarine, pasta sauces and frozen meals. The Bertolli brand remains a priority for Unilever with strong growth plans based on capturing the growing appetite for Mediterranean food products. The transaction is part of Unilever's announced plans to dispose of non-strategic brands with collectively more than 2 billion euros in turnover. The agreement, which is subject to the relevant regulatory approvals, is expected to close during 2008.