Unilever to sell brands

May 31, 2001
Web posted at: 1335 GMT

LONDON (CNN) -- Unilever, the largest maker of food and soap products, plans to sell a number of North American brands acquired from its Bestfoods takeover.

The Anglo-Dutch consumer goods company said on Thursday it plans to sell U.S. brands with annual sales of around $400 million, including Mazola cooking oil and Golden Griddle syrup.

Unilever bought U.S.-based Bestfoods for about $24 billion last October.

The company is also seeking buyers for several Canadian brands, including St Lawrence corn oil and the Old Colony maple and Old Tyme pancake syrup brands.

 "The planned sale is a logical step in the process of integrating Unilever and Bestfoods," said Patrick Cescau, Unilever's foods director. "The brands identified for sale represent an attractive portfolio but fall outside of our strategy to focus on leading brands such as Ragu [pasta sauce], Hellmann's [mayonnaise] and Lipton [tea]."

Unilver's chairman Niall Fitzgerald had told shareholders this month the company would focus on brands that held the top two positions in their individual markets. The group had already said it would reduce its portfolio to 400 brands from 1,600.

The sales should be completed by the end of 2001, according to Unilever. It also said it plans to sell associated manufacturing rights, assets and facilities in Illinois and Indiana.

Unilever was up 0.8 percent at 540 pence in mid-afternoon trading in London.

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