Unilever sells Sanex and acquires laundry brands
UNILEVER SELLS SANEX AND ACQUIRES THE LAUNDRY BRANDS OF COLGATE-PALMOLIVE IN COLOMBIA
London & Rotterdam - March 23rd, 2011. Unilever announced today that it has entered a binding agreement to sell the global Sanex business to Colgate-Palmolive for €672m. The transaction is subject to regulatory approval.
The deal is in response to the European Commission's requirement that Unilever divest the Sanex brand in the European Economic Area (EEA). Sanex had net sales of €187 million in 2010, primarily in Western Europe.
Unilever also announced today that it has entered into a binding agreement to acquire Colgate-Palmolive's laundry detergent brands in Colombia for US$215m. This transaction is subject to regulatory approval and the completion of the Sanex disposal to Colgate-Palmolive.
Michael Polk, Unilever's President Categories, said: "We are pleased to be divesting Sanex in what we consider to be a very attractive deal for Unilever. At the same time, we are delighted to be adding the Fab, Lavomatic and Vel brands to our portfolio in Colombia. This acquisition will significantly enhance our position in one of the larger detergents markets in Latin America, bringing critical mass to our Colombian business, enhancing our laundry portfolio in the region and further increasing our presence in the fast-growing emerging markets."
"Our focus is on bolt-on acquisitions that can strengthen our existing portfolio and geographic presence, and help Unilever move closer to achieving our overall ambition of doubling the size of the business. The brands acquired from Sara Lee fill gaps in our current personal care portfolio in Western Europe, the business acquired from Colgate-Palmolive in Colombia will enable us to strengthen our competitive position in laundry in an important region," added Polk.
Both transactions include the trademarks, intellectual property and formulations but do not include any manufacturing facilities.
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