Unilever today announced that it has entered into a definitive
agreement to acquire the US-based Alberto Culver Company for US$3.7
billion in cash. Alberto Culver generated sales approaching US$1.6
billion and EBITDA of over US$250 million for the 12-month period
ending June 30 2010.
Paul Polman, CEO of Unilever said: “We are delighted to be
acquiring Alberto Culver. Their people have done an excellent job
of building an impressive range of brands such as TRESemmé, VO5,
Nexxus, St. Ives and Simple. These will complement Unilever’s
existing portfolio of iconic brands like Dove, Clear and Sunsilk in
hair care and Pond’s and Vaseline in skin and will help build on
our strong global positions in both the hair care and skin care
categories.”
The acquisition makes Unilever the world’s leading company in
hair conditioning, the second largest in shampoo and the third
largest in styling, and significantly enhances its hair care
presence in the US, Canada, the UK, Mexico and Australasia, all of
which will be significant hair care markets for years to come.
The deal fulfils a number of key criteria for Unilever. It:
- Enhances Unilever’s presence in an
attractive, high-growth category.
- Brings a portfolio of attractive brands
which have together grown at above market growth rates in a
competitive category.
- Provides Unilever with the opportunity
to use its scale, reach and technology to take Alberto Culver’s
brands to a new level in existing markets and extend their presence
to new emerging markets.
- Adds successful styling and
conditioning brands like TRESemmé and Nexxus to Unilever’s US
portfolio, complementing its own brands such as Suave, Dove and
Sunsilk.
- Adds complementary brands like VO5,
TRESemmé and Simple that enable Unilever’s UK business to cover
more price points across categories.
Polman continued, ”Personal Care is a strategic category for
Unilever and growing rapidly. Ten years ago it represented 20% of
our turnover; strong organic growth has driven it to now reach over
30%, with strong positions in many of the emerging markets.
“Organic growth remains the cornerstone of our energising
ambition to double the size of Unilever whilst reducing our overall
environmental impact. Bolt-on acquisitions such as Alberto Culver
supplement organic growth and add powerful new brands to our
portfolio.“
Alberto Culver has operations in nine countries, including the
US, Canada, Argentina, Mexico, the UK, South Africa and
Australasia. It has six manufacturing facilities and employs
around 2,700 people.
The acquisition is subject to regulatory approval, approval of
the Alberto Culver shareholders and other customary closing
conditions. It is expected to deliver significant synergies and,
excluding restructuring costs, the acquisition will be accretive to
EPS in the first full year.
About Unilever
Unilever works to create a better future every day. We help
people feel good, look good and get more out of life with brands
and services that are good for them and good for others.
We are one of the world’s leading suppliers of fast moving
consumer goods with strong local roots in more than 100 countries.
We are especially known for our leading position in emerging
markets reaching more consumers than any other company in these
fast-growing geographies. Consumers use our products 2 billion
times every day. Our portfolio includes some of the world’s best
known and most loved brands including eleven €1 billion brands, and
global leadership in many categories in which we operate. The
portfolio features iconic brands such as:
Dove, TIGI, Lux, Axe/Lynx, Omo/Persil/Ala/Skip, Domestos/Glorix,
Knorr, Hellmann’s and Lipton.
We have around 163,000 employees and generated annual sales of
€40 billion in 2009. For more information about Unilever and its
brands, please visit www.unilever.com.
About Alberto Culver
Alberto Culver Company manufactures, distributes and markets
leading beauty care and other personal care brands including
TRESemmé, Alberto VO5, Nexxus, St. Ives, Simple and Noxzema in the
United States and internationally. It is also the second largest
producer in the U.S. of products for the ethnic hair care market
with leading brands including Motions and Soft & Beautiful. For
more information visit: www.alberto.com
IMPORTANT INFORMATION
Alberto Culver Company (“ACV”)
stockholders are strongly advised to read the proxy statement
regarding the proposed business combination transaction referred to
herein when it becomes available, because it will contain important
information. The proxy statement will be filed with the United
States Securities and Exchange Commission (“SEC”) by ACV. Stockholders may obtain a free copy
of the proxy statement (when it is available) and other documents
filed by ACV with the SEC at the SEC’s web site
(http://www.sec.gov). Copies of Unilever’s filings with the SEC may
be obtained at the SEC’s web site (http://www.sec.gov) or by
directing a request to Unilever at c/o Unilever United States Inc.,
800 Sylvan Avenue (Attn.: M. Montagnino), Englewood Cliffs, NJ
07632.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Stockholders may obtain a detailed list of names, affiliations
and interests of Unilever’s participants in the solicitation of
proxies of ACV stockholders to approve the proposed business
combination from Unilever’s 2009 Annual Report, which can be
obtained for free from its web site at
(http://annualreport09.unilever.com/), and will also be available
in a Schedule 13D to be filed by Unilever with the SEC. Additional
information about the interests of potential participants will be
included in the proxy statement Alberto Culver Company will file
with the SEC.
Safe Harbour
This announcement contains forward-looking statements
regarding the Company's ability to acquire and integrate the
Alberto Culver Company, including ‘forward-looking statements’
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Words such as ‘expects’,
‘anticipates’, ‘intends’, ‘believes’ or the negative of these terms
and other similar expressions of future performance or results, 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, economic slowdown, industry consolidation, access to
credit markets, recruitment levels, reputational risks, commodity
prices, continued availability of raw materials, prioritisation of
projects, consumption levels, costs, the ability to maintain and
manage key customer relationships and supply chain sources,
consumer demands, 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 20-F Report and the Annual
Report and Accounts 2009. These forward-looking statements speak
only as of the date of this document. 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.
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