Unilever PLC
7 May 2002
Release: Immediate
UNILEVER COMPLETES SALE OF DIVERSEYLEVER BUSINESS
TO JOHNSON WAX PROFESSIONAL
Unilever today announced the completion of the sale of its DiverseyLever
institutional and industrial cleaning business to Johnson Wax Professional. The
transaction is valued at €1,725 million.
Unilever has received €1,128 million in cash. The balance is made up of a loan
note and a one-third equity stake in the combined business, in line with the
terms of the Agreement announced on November 20 2001. The transaction value
represents a multiple of 1.1 times 2001 sales and a multiple of 8.4 times 2001
EBITDA.
Under the terms of the Agreement, Johnson Wax Professional has management
control of the combined business which will be called JohnsonDiversey. The
Agreement provides for Unilever's exit from the combined business after five
years.
The sale of DiverseyLever is fully in line with Unilever's Path to Growth
strategy which targets sustained sales growth of 5-6% per annum and an
improvement in operating margin beia to over 16% by 2004. A cornerstone of this
strategy is a greater focus of resource on leading brands.
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May 6 2002
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