Unilever PLC
20 December 2001
Release: Immediate
UNILEVER SELLS UNIPATH FOR £103 MILLION
Unilever announced today that it has sold Unipath, its women's health
diagnostics business, to Inverness Medical Innovations Inc of Waltham,
Massachusetts USA, for £103 million ( Euro166 m) in cash.
Unipath is best known for its Clearblue home pregnancy test and ClearPlan
range of home ovulation and fertility monitoring systems, which have leading
positions in their respective market sectors, and for the Persona method of
contraception distributed in Europe. The company also produces a range of
clinical diagnostic products for the medical profession.
The sale of Unipath is part of Unilever's Path to Growth strategy which will
focus on fewer, leading brands. Announcing the sale Keki Dadiseth, director
responsible for Unilever's world-wide Home and Personal Care operations, said:
'Unipath has brought innovative technology to the women's health diagnostics
market since its formation in 1984. We are delighted with the sale and are
confident that Unipath's admirable record of innovation will be continued
under a new owner dedicated to developing the business to its full potential.'
Inverness Medical Innovations makes over-the-counter health care products
covering family planning - brands include the Early pregnancy test and Early
ovulation predictor - and dietary supplements under the Smart Care brand. Its
activities are currently largely focused on the US consumer market.
Ron Zwanziger, CEO of Inverness Medical Innovations, stated 'We have this week
added a company that is one of the true pioneers and world leaders in women's
health consumer diagnostics. We see this as a combination that will create
exciting opportunities through which we can develop breakthrough products by
blending and merging our own proprietary electrochemical and other diagnostic
technologies with Unipath's intellectual property.'
It is anticipated that Unipath will continue to be based in Bedford, UK, which
is also the sole research, development and manufacturing site for its products
and centre of its world-wide sales/distribution network. It employs more than
500 people of whom some 80 are dedicated to research and development projects.
Unipath's sales in 2000 were approximately £60 million ( Euro97m) of which
one-half came from Europe with the remainder divided roughly equally between
the United States and the rest of the world.
BACKGROUND NOTES:
- Unipath has its own sales and distribution capability in United States,
United Kingdom, the Netherlands, Scandinavia, France and Germany. In many
other markets Unipath's products are sold through leading distributors. It is
well placed to exploit emerging markets through this network and existing
international distribution agreements.
- The business has enjoyed sound revenue growth over the past five years,
averaging 15 per cent per annum.
- Unilever has been advised by Deutsche Bank in the sale process;
Inverness Medical Innovations by Covington Associates.
- See also separate Inverness Medical Innovations Inc announcement.
- For additional background information, access:
Unipath: www.unipath.com
Inverness Medical Innovations: www.invernessmedical.com
Safe Harbour Statement: This news release contains forward-looking statements
(within the meaning of the U.S. Private Securities Litigation Reform Act 1995)
based on our best current information and what we believe to be reasonable
assumptions about anticipated developments. Words such as 'expects',
'anticipates', 'intends' and other similar expressions are intended to
identify such forward looking-statements. Because of the risks and
uncertainties that always exist in any operating environment or business we
cannot give any assurance that the expectations reflected in these statements
will prove correct. Actual results and developments may differ materially
depending upon, among other factors, currency values, competitive pricing,
consumption levels, costs, environmental risks, physical risks, risks related
to the integration of acquisitions, legislative, fiscal and regulatory
developments and political and social conditions in the economies and
environments where Unipath Limited operates. Further details of these
potential risks and uncertainties are given in the Unilever Annual Report and
Accounts and Form 20-F 2000. You are cautioned not to place undue reliance on
these forward-looking statements.
-o0o-
December 20 2001
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