Unilever sells Findus for €805m
UNILEVER has agreed to sell its slow-growing Italian frozen foods unit Findus to Birds Eye, which belongs to private equity group Permira for 805m euros (£687.9m).
The disposal of Unilever’s last remaining frozen foods business in Europe reunites it with Birds Eye Igloo which the consumer goods giant sold in 2006 for 1.73bn euros.
Unilever said in a statement that about 650 factory and head office staff at Findus, which had sales of 462m euros in 2009, would transfer to the new owner.
Permira had been neck and neck with Lion Capital in the race to buy Findus, ahead of BC Partners, according to analysts.