Unilever Completes Sale of North American Laundry Business to Vestar Capital Partners
09 September 2008 - 3:00PM
Marketwired
Unilever (NYSE: UL) (NYSE: UN) today announced that it has
completed the sale of its North American laundry business in US,
Canada and Puerto Rico to Vestar Capital Partners (Vestar).
Vestar, a leading global private equity firm, will merge the
business with its existing operation, Huish Detergents Inc., to
form a new company, The Sun Products Corporation (Sun
Products).
Unilever has received an aggregate consideration of
approximately $1.45 billion, consisting of approximately $1.075
billion in cash, preferred shares in Sun Products with a face value
of $375 million, and warrants offering the opportunity to acquire
up to 2.5% of the common equity of Sun Products.
The sale is part of Unilever's previously announced plans to
dispose of non-strategic brands with collectively more than EUR 2
billion in turnover.
Unilever Safe Harbour:
This announcement may contain forward-looking statements,
including 'forward-looking statements' within the meaning of the
United States Private Securities Litigation Reform Act of 1995.
Words such as 'expects', 'anticipates', 'intends' or the negative
of these terms and other similar expressions of future performance
or results, including financial objectives to 2010, and their
negatives are intended to identify such forward-looking statements.
These forward-looking statements are based upon current
expectations and assumptions regarding anticipated developments and
other factors affecting the Group. They are not historical facts,
nor are they guarantees of future performance. Because these
forward-looking statements involve risks and uncertainties, there
are important factors that could cause actual results to differ
materially from those expressed or implied by these forward-looking
statements, including, among others, competitive pricing and
activities, consumption levels, costs, the ability to maintain and
manage key customer relationships and supply chain sources,
currency values, interest rates, the ability to integrate
acquisitions and complete planned divestitures, the ability to
complete planned restructuring activities, physical risks,
environmental risks, the ability to manage regulatory, tax and
legal matters and resolve pending matters within current estimates,
legislative, fiscal and regulatory developments, political,
economic and social conditions in the geographic markets where the
Group operates and new or changed priorities of the Boards. Further
details of potential risks and uncertainties affecting the Group
are described in the Group's filings with the London Stock
Exchange, Euronext Amsterdam and the US Securities and Exchange
Commission, including the Annual Report & Accounts on Form
20-F. These forward-looking statements speak only as of the date of
this announcement. Except as required by any applicable law or
regulation, the Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Group's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based.
About Unilever
Unilever's mission is to add vitality to life. We meet everyday
needs for nutrition, hygiene and personal care with brands that
help people feel good, look good and get more out of life.
Unilever is one of the world's leading suppliers of fast moving
consumer goods with strong local roots in more than 100 countries
across the globe. Its portfolio includes some of the world's best
known and most loved brands including twelve EUR 1 billion brands
and global leadership in many categories in which the company
operates. The portfolio features brand icons such as Knorr, Lipton,
Hellmann's, Flora, Breyer's, Dove, Lux, Pond's, Degree, Axe, Suave,
Sunsilk, Persil, Cif and Domestos.
Unilever has around 174,000 employees in approaching 100
countries and generated annual sales of over EUR 40 billion in
2007. For more information about Unilever and its brands, please
visit www.unilever.com.
For further information, please contact: Unilever Media
Relations Unilever US: Anita Larsen + 1 201 894 7760 Unilever
London: Trevor Gorin + 44 20 7822 6010 Unilever Rotterdam: Gerbert
van Genderen Stort + 31 (0)10 217 4844
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