Unilever announces sale of Sanex to Colgate-Palmolive
Anglo-Dutch cosmetics giant Unilever has agreed to sell soap maker Sanex to New York-based Colgate-Palmolive for 672 million euros ($951 million), the two companies said on Wednesday.
"The deal is in response to the European Commission's requirement that Unilever divest the Sanex brand in the European Economic Area (EAA)," Unilever said in a statement.
Sanex had net sales of 187 million euros in 2010, mainly in Western Europe.
Unilever also said it had agreed to buy Colgate-Palmolive's laundry detergent brands in Colombia for $215 million.
"We are pleased to be divesting Sanex in what we consider to be a very attractive deal for Unilever," said the company's President Categories Michael Polk.
"At the same time, we are delighted to be adding the Fab, Lavomatic and Vel brands to our portfolio in Colombia. This acquisition will significantly enhance our position as one of the larger detergents markets in Latin America."
Both transactions included trademarks, intellectual property and formulations, but not any manufacturing facilities, and were subject to regulatory approval, said the statement.
For its part, Colgate-Palmolive said the acquisition of Sanex "will greatly strengthen Colgate's important personal care business in Europe."
"The Sanex acquisition and the divestment of our detergent business in Colombia are both consistent with Colgate's ongoing strategy to de-emphasize non-core portions of our portfolio while focusing on our high-margin, strategically important oral care, personal care and pet nutrition businesses," said Colgate chairman Ian Cook.
© 2011 AFP