Unilever PLC
17 August 2001
Release: Immediate
UNILEVER SELLS NORTH AMERICAN SEAFOOD BUSINESS
TO NIPPON SUISAN (USA), INC FOR US$175 MILLION
Unilever today announced it has signed a definitive agreement to sell its
North American seafood businesses to Nippon Suisan (USA), Inc, a subsidiary of
Nippon Suisan Kaisha Limited for US$175 million in cash. The deal comprises
the Gorton's business in the United States and the BlueWater Seafoods business
in Canada. The transaction, subject to customary conditions including
regulatory approvals, is anticipated to be completed in the second half 2001.
Gorton's is the leading retail frozen seafood brand in the U.S., while
BlueWater Seafoods is the second largest brand in Canada. In addition,
Gorton's supplies frozen seafood to the foodservice industry in the U.S.
Together the businesses had 2000 net sales of US$250 million and EBITDA of
US$20 million.
The decision to sell Gorton's and BlueWater is part of Unilever's Path to
Growth strategy that focuses on a number of leading brands in defined core
categories of Foods and Home and Personal Care.
Patrick Cescau, Unilever's Foods Director said: 'The sale of Gorton's and
BlueWater is consistent with our focus on brands that are core to Unilever
such as Knorr, Lipton and Dove. Although both businesses are robust we feel
there is little scope for Unilever to grow the brands outside of North America
where we already have well-established brands in this category.'
Included in the sale is Gorton's head office in Gloucester, Massachusetts and
three production sites in Gloucester MA, Cleveland OH and Montreal, Canada.
The businesses currently employ about 750 people.
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August 17 2001
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