Unilever has signed a definitive agreement with McCormick & Company, Incorporated to sell its Lawry's and Adolph's branded seasoning blends and marinades business in the US and Canada for €410 million in cash.
The transaction, which is subject to regulatory approval, is expected to close in 2008. The Lawry's and Adolph's brands generated approximately $150 million (EUR 100 million) in combined revenue for Unilever in 2006.
"This transaction takes us a step forward as we continue to reshape our portfolio in North America by sharpening our focus on building strong brands with global reach," said Michael B. Polk, President, Unilever Americas.
Under the terms of the transaction, the company's manufacturing facility inIndependence, Mo., is remaining with Unilever, since it produces other Unilever products. No Unilever employees will be transferred with the business.
The transaction is part of Unilever's announced plans to dispose of non-strategic brands, with collectively more than EUR 2 billion in turnover.