Unilever sells African edible oils unit, buys soap

Tag : Dove Soap

LONDON (Reuters) - Consumer goods group Unilever Plc/NV on Thursdayagreed to sell its edible oil business in the Ivory Coast and atthe same time is buying a soap unit in the same West Africannation.
The Anglo-Dutch group said the edible oil business has an annualturnover of around 85 million euros, and this disposal is part ofthe group's planned sell-off of businesses with turnover of over 2billion euros, which was announced last August.
In the second deal, the maker of Dove soaps and Sunsilk shampooswill acquire the soap business of Cosmivoire -- a subsidiary ofIvorian agro-industry group SIFCA -- which has an annual turnoverof 45 million euros.
Unilever Plc shares were up 1.3 percent at 15.38 pounds at 0850 GMTin a largely flat London stock market.
In the first deal, Unilever is selling its edible oil businesstogether with its interests in local oil palm plantations, Palmciand PHCI. The buyers are SIFCA and a 50:50 joint venture betweenSIFCA and two Singapore-based companies, Wilmar International andOlam International.
Unilever did not disclose the prices of the deals as they are stillsubject to approval by the regional authorities. The deals areexpected to be completed by the end of 2008.
Unilever has sold off or agreed to sell businesses with around 200million euros of turnover -- French cheese Boursin and U.S.marinades and spices business Lawry's -- as part of its August 2007strategy to sell off slow-growing businesses with over 2 billioneuros of sales.
Its U.S. laundry business, with 800 million euros of annual sales,and its Bertolli Italian olive oil business with around 300 millioneuros of annual turnover are up for sale under the samerestructuring strategy.