UN Unilever NV

Consumer products giant Unilever PLC (UN, UL) Monday said it has sold its Ragu and Chicken Tonight sauce brands in the U.K. and Ireland to Leeds-based Symington's for an undisclosed sum.

The company said the two brands, which have combined sales of around GBP20 million a year in the U.K. and Ireland, will continue to be owned by the FTSE 100 company outside those markets, including North America and the Netherlands.

The deal follows Unilever's strategic review of the two brands launched in June last year.

As part of the transaction, it said Symington's has entered into a manufacturing agreement which means that both brands will be produced at Unilever's factory in Oss, Netherlands, for at least three years.

No Unilever employees will transfer to Symington's as a result of the deal, it added.

Last week, Unilever PLC posted a 9.8% rise in first-half profit on stronger-than-expected sales growth, driven by higher prices and surging demand in emerging markets.

At 1216 GMT, Unilever shares were down 12 pence, or 0.6%, at 1949 pence, in a lower London market.

-By Simon Zekaria, Dow Jones Newswires; +44 207 842-9410; simon.zekaria@dowjones.com

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