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Unilever has sold its Bertolli olive oil business to
Spain-based Grupo SOS in a deal valued at around ?630m
(?500.7m).
The deal sees control of the olive oil and vinegar
businesses pass to SOS, while Unilever will retain
ownership of the Bertolli brand for products including
margarine, pasta sauces and frozen meals.
Unilever said the Bertolli brand would remain a
priority, with the group continuing to harbour "strong
growth plans based on capturing the growing appetite for
Mediterranean food products".
"We look forward to working with Grupo SOS to continue
to build the Bertolli brand and create further value,"
said Unilever foods, home and personal care president
Vindi Banga.
The sale comes after mounting speculation earlier this
year that Unilever would look to divest its olive oil
arm as part of an ongoing plan to refocus on its core
businesses.
Bertolli is among the world?s leading brands of olive
oil and has operations in more than 50 countries across
the globe.
SOS specialises in a range of vegetable and seed oils
primarily in the Spanish and Italian markets, with
turnover across the entire group last year dropping by
around 4.5% to ?1.4bn (?1.1bn).
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