Unilever Sells Italian Frozen Foods Business to Birds Eye Iglo
The transaction includes the sale of the Italian Findus business, comprising the following leading brands: 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, and a dedicated factory in Cisterna, Italy.
Jul 20 2010 --- Unilever announced that it 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 €805 million.
The transaction includes the sale of the Italian Findus business, comprising the following leading brands: 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, and a dedicated factory in Cisterna, Italy.
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 €462 million in 2009. The transaction is subject to relevant EU anti-trust regulatory approvals.
