Unilever to sell Culver Speciality Brands in US deal
Anglo-Dutch food and cosmetics giant Unilever confirmed Saturday the sale of its Culver Speciality Brands division to US-based company B&G Foods in a multi-million dollar deal.
"Unilever... has signed a definitive agreement with B&G Foods" to sell the division for U$325 million (230 million euros) in cash, it said in a statement sent to AFP.
"The transaction, which is subject to regulatory approval, is expected to close this year," it added.
Culver Specialty Brands is part of the Alberto Culver Company, which was recently bought by Unilever. It generated a revenue of around 64 million euros for the year ending September 30, Unilever said.
It added that Culver Specialty Brands were made by third party facilities so no Unilever-owned plants would be affected by the deal.
One of the world's leading suppliers of consumer goods, Unilever produces brands such as Knorr, Lipton, Dove, Vaseline and has sales in 180 countries around the world. It employs 167,000 workers in 100 countries and generated annual sales of just over 44 billion euros last year.
Based in Parsippany, New Jersey, B&G Foods make, sell and distribute food in the United States, Canada and Puerto Rico. It included products like hot cereals, fruit spreads, canned meat and beans, Mexican-style sauces and taco shells.
© 2011 AFP