Unilever Indonesia to Buy Drinks Brand From Ultra
Under the terms of the agreement, Unilever Indonesia will acquire the brand and related goodwill and Ultra will continue to produce juices for Unilever under a long term supply agreement.
25/09/07 Unilever Indonesia has entered into a conditional agreement to buy the Buavita brand of fruit-based Vitality drinks from Ultra.
Unilever Indonesia has entered into a conditional agreement to buy the Buavita brand of fruit-based Vitality drinks from Ultra.
Under the terms of the agreement, Unilever Indonesia will acquire the brand and related goodwill and Ultra will continue to produce juices for Unilever under a long term supply agreement. The completion of the transaction is subject to the approval of the creditors and shareholders of Ultra, capital market laws and regulations, and the fulfilment of other conditions pursuant to the relevant agreement, such as the delivery of trademark certificates and other commercial data of Ultra.
Harish Manwani, Unilever's President for Asia, Africa, said: "I am delighted that we can add the brand Buavita to our portfolio. It is an ideal fit with our Vitality mission of offering products that help people look good, feel good and get more out of life. The acquisition is fully in line with our priority of building on our strengths in developing and emerging markets."
The transaction, financial details of which have not been disclosed, is expected to be completed by early of January 2008.
Ultrajaya Milk Industry & Trading Company Tbk. is the largest producer of aseptic drinks using UHT in carton packs in Indonesia. Its products are liquid milk, fruit juices, tea, traditional and health drinks and tropical fruit juice concentrates mainly under famous brands such as Ultra and Buavita.
