Unilever PLC has struck a deal with Coca Cola Co. and soft-drink bottler Coca-Cola Femsa to sell its soy beverage business in Latin America for $575 million as the Anglo-Dutch company continues to shuffle its arsenal of brands.
Unilever shares were up 0.8% in London trading to GBP31.73 ($46.35).
The beverage business, called Adesad, sells drinks that are a combination of soy milk and fruit juice. It has a presence in Brazil, Mexico, Argentina, Uruguay, Paraguay, Bolivia, Chile, and Colombia.
“This sale is a step in reshaping our portfolio in Latin America to deliver sustainable growth for Unilever and enables us to sharpen our focus, said Miguel Kozuszok, executive vice president of Latin America for Unilever.
Unilever has been shedding food brands in recent years and making acquisitions in the higher-margin personal care space under Chief Executive Paul Polman, a strategy analysts have said gives it stronger growth prospects.
The company in 2014 agreed to sell its North American pasta sauces business under the Ragu and Bertolli brands to Japan’s Mizkan Group for $2.15 billion, and prior to that sold its Wish-Bone salad dressing to Pinnacle Foods Inc. for $580 million and Skippy peanut butter to Hormel Foods Corp. for $700 million.
By Saabira Chauduri
Currently chief executive of GreenV – an international group of companies active in the horticultural sector – van Karnebeek spent a large portion of his career at Heineken, working in commercial, marketing and general management positions. He served as chief commercial officer at the Dutch brewer from 2015 until 2021.
The facility combines the existing Kerry office in Barcelona with a new customer suite and application labs. It will enable the company to work more closely with its customers in Southern Europe to develop food and beverage solutions.
The sweet and culinary flavor creation labs are the latest addition to the company’s expansive campus that has been in operation since 1964, spanning more than 312,150 square feet in Brabrand, Denmark. The innovation hub is home to more than 400 employees engaged in research, application development, ingredient and flavor creation.