Unilever to sell its olive oil assets in Greece in bid to boost growth

Unilever’s Greek subsidiary Elais Unilever Hellas has announced it intends to sell its Greek olive oil unit, which includes its brands Elanthi, Altis and Solon.

The sale of the portfolio is expected to include the olive oil plant in Piraeus, as well as its workforce.

Unilever is reportedly seeking a buyer for its margarine brands Vitam, Altis Soft and Becel, which are produced at its Rendi plant.

A spokesperson from Elais Unilever Hellas told Kathimerini that “it would be ideal if both the olive oil and the margarine brands ended up in the same company”.

In a statement, Unilever said: “Greece remains a priority for Unilever and this product portfolio restructuring is expected to help improve the local company’s growth and profitability prospects, while boosting focus on strategic categories and investing in new products in the local market.”

Earlier this week Unilever announced a $900 million deal in which it trades its spreads business in southern Africa for Remgro’s stake in its South African subsidiary.