28 July 2008 20:24 [Source: ICIS news]
NEW YORK (ICIS news)--Consumer products giant Unilever is selling its laundry business in the US, Canada and Puerto Rico to global private equity firm Vestar Capital Partners for $1.45bn (€928m), the company said on Monday.
The laundry business generated $1bn in sales last year for the ?xml:namespace>
“Now’s a great time to sell with the business in good shape,” said Keith Weed, Unilever's general vice president, Homecare & Hygiene.
“We have a very big laundry business worldwide but our business in the States in sub-scale. The removal of the North American business, a slower growth business, actually removes the drag from our overall business,” he added.
The business, which includes the detergent brands Snuggle, All, Wisk, Surf, and Sunlight as well as Unilever’s manufacturing facility in
Vestar acquired Huish in April 2007. Sun Products will have annual sales of more than $2bn, said Vestar officials.
The transaction is expected to close this year.
($1 = €0.64)
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