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Unilever sells Findus
Unilever has signed a binding agreement for the sale of its Italian frozen foods business Findus to a company in which Birds Eye Iglo has a significant stake for a consideration of €805m.
The transaction includes the sale of the Italian Findus business, comprising the following leading brands:
- 4 Salti in Padella
- Sofficini
- Capitan Findus
- That’s Amore.
James Hill, chairman of Unilever Italy, said: “Findus is the lynchpin of an attractive and profitable frozen foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring. With this deal, Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market.”
As part of the agreement, approximately 650 factory and head office employees will transfer. Sales of Findus Italy were €462m in 2009. The transaction is subject to relevant EU anti-trust regulatory approvals.
Source: Unilever
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