A manufacturer and supplier of fast moving consumer goods, with more than 400 brands focused on health and wellbeing, 14 of which generate sales in excess of €1 billion a year. I have a holding in my income portfolio (epic code: ULVR).
Unilever announced today that it has signed an agreement for the sale of its North
America pasta sauces business under the Ragu and Bertolli brands to Mizkan
Group for a total cash consideration of approximately $2.15bn.
The annual
turnover for Ragu and Bertolli is more than $600m, so at over 3.5x turnover this looks to be a very good price, for what Unilever considers to be a relatively low growth business. There was no mention of the tax charge that Unilever will incur, so we will have to wait for a disclosure on this.
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