Unilever Italy Announces Intention to Seek Buyer for Findus Frozen Foods Business

Unilever Italy accelerates its growth ambitions, focusing on international brands and announces intention to seek buyer for Findus frozen foods business.

29 Apr 2010 --- Unilever Italy announced its intention to explore the marketplace for a buyer of its Frozen Foods business, Findus, with turnover in excess of 450m euros and a dedicated factory in Cisterna, Italy.

James Hill, Chairman of Unilever Italy, commented: “Unilever has a powerful portfolio of international brands and a full innovation pipeline, which we plan to drive even harder to accelerate our growth in Italy. Findus is an iconic, local brand and the lynchpin of an attractive and profitable Frozen Foods business in Italy. This success is a credit to the team who developed and managed the business over the years. However, as Frozen Foods is no longer a core product area for Unilever in Europe, we must reconsider its future.

“Any sale would enable us to focus on our other categories, increasing investment in brands which will deliver higher levels of growth and shareholder value. In addition, we are seeking a more sustainable business model for the Frozen Foods business, operating with greater autonomy, focus and competitiveness under third-party ownership.”