Unilever agrees to sell Lawry’s and Adolph’s brands
Unilever today announced that it has signed a definitive agreement with McCormick & Company, Incorporated to sell its Lawry’s and Adolph’s branded seasoning blends and marinades.
Englewood Cliffs, NJ – Unilever today announced that it has signed a definitive agreement with McCormick & Company, Incorporated to sell its Lawry’s and Adolph’s branded seasoning blends and marinades business in the US and Canada for $ 605 million (EUR 410 million) in cash. The transaction, which is subject to regulatory approval, is expected to close in 2008.
The Lawry’s and Adolph’s brands generated approximately $150 million (EUR 100 million) in combined revenue for Unilever in 2006.
“This transaction takes us a step forward as we continue to reshape our portfolio in North America by sharpening our focus on building strong brands with global reach,” said Michael B. Polk, President, Unilever Americas.
Under the terms of the transaction, the company’s manufacturing facility in Independence, Mo., is remaining with Unilever, since it produces other Unilever products. No Unilever employees will be transferred with the business.
The transaction is part of Unilever’s announced plans to dispose of non-strategic brands, with collectively more than EUR 2 billion in turnover.
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Unilever [NYSE: UL, UN], one of the world’s largest consumer products companies, aims to add vitality to life by meeting everyday needs for nutrition, hygiene and personal care. Each day, around the world, consumers make 160 million decisions to purchase Unilever products.The company has a portfolio of brands that make people feel good, look good and get more out of life.
In North America, these brands include recognized names such as: Axe, “all,” Ben & Jerry's, Bertolli, Breyers, Caress, Country Crock, Degree, Dove personal care products, Hellmann's, Knorr, Lipton, Popsicle, Promise, Q-Tips, Skippy, Slim-Fast, Snuggle, Suave, Sunsilk and Vaseline. All of the preceding brand names are registered trademarks of the Unilever Group of Companies. Dedicated to serving consumers and the communities where we live and work, Unilever throughout North America employs approximately 15,500 people in more than 60 office and manufacturing sites – generating approximately $10.6 billion (EUR 8.5 billion) in sales in 2006. For more information, visit www.unileverusa.com.
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