Unilever is reportedly planning to sell a number of its food brands, including Unox, Conimex and The Vegetarian Butcher, which have a combined sales value of €1 billion (US$1.05 billion).
The corporation’s CEO Hein Schumacher told Dutch financial daily the FD that sales were planned as part of a streamlining operation for its food businesses.
Schumacher says the sales will help Unilever’s “rather eclectic portfolio of food brands.”
Earlier this month, confidential sources indicated to Reuters that the company was planning to sell food assets to Dutch bank ABN Amro, though which businesses were not specified.
In March, Unilever announced it would cut 7,500 jobs globally and sell its ice cream unit, which includes brands like Ben & Jerry’s and Magnum. However, Unilever’s European Works Council criticized the move and 1,500 jobs were saved.
This came as part of a plan to save around €800 million (US$867.8 million) in costs.
Last week, Unilever also approved the demerger of its ice cream business in India to an independent listed company.
Not all food brands will be included in the Dutch sale, Schumacher says, despite fitting the same portfolio.
“We are not conducting a fire sale. There will always be brands that are not a perfect strategic fit, but that will remain part of Unilever,” he adds.
We have contacted Unilever for comment. This is a breaking news story and will be updated as developments emerge.
By Louis Gore Langton
Source: foodingredientsfirst.com
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