Disposal

Unilever PLC
Unilever NV
19 February 2001

 
UNILEVER TO SELL BESTFOODS BAKING COMPANY 
TO GEORGE WESTON LIMITED FOR $1.765 BILLION 
 
Unilever today announced it has signed a definitive agreement to sell the
Bestfoods Baking Company to Canadian business, George Weston Limited for
US$1.765 billion in cash. The transaction, subject to customary conditions
including regulatory approvals, is anticipated to be completed in the second
quarter 2001.
 
In October 2000, Unilever said it would divest the Bestfoods Baking Company,
which it acquired as part of its merger with Bestfoods, as it fell outside
its Path to Growth strategy that focuses on a number of leading brands in
defined core categories of Foods and Home and Personal Care.
 
The Bestfoods Baking Company is one of the leading premium fresh baked goods
companies in the United States. Its best-known brands are Entenmann's sweet
baked goods, Thomas' English muffins, bagels and waffles and Oroweat,
Brownberry and Arnold breads.
 
Patrick Cescau, Unilever's Foods Director said: 'This is a very strong
business that happens to fall outside of our foods strategy to focus on
leading brands in core categories, such as Lipton, Knorr, Slim-Fast and
Hellmann's. We believe the acquisition by Weston will provide the bakery
business with a strong platform for growth.'
 
Unilever said the Bestfoods Baking Company operates as a stand-alone
operation. It is headquartered in Bay Shore, New York, employing some 12,000
people at 19 plants across the US. It has one of the country's largest and
most efficient direct-store-delivery systems, distributing fresh bakery
products to more than 60,000 customers on almost 5,000 delivery routes.
 
In 2000, Bestfoods Baking Company had sales of US$1.8 billion, EBITDA of
US$203 million and EBIT of US$141 million.
 
Goldman Sachs has advised Unilever on this transaction.
 
-o0o-

Editors Note

 
The agreement to sell the Bestfoods Baking Company follows Unilever's recent
announcement of the completion of the sale of its European Bakery Supplies
and Elizabeth Arden businesses, and the agreement to sell certain European
soup and sauces businesses. Together with this transaction, the cumulative
divestiture proceeds since the acquisition of Bestfoods, is approximately
Euro 4 billion.