Unilever Completes Laundry Business Sale
Unilever completes the sale of its North American laundry business in the United States, Canada and Puerto Rico to Vestar Capital Partners. Vestar, a global private equity firm, will merge the business with its existing operation (Huish Detergents Inc.) and form a new company, The Sun Products Corporation.
Unilever received an aggregate consideration of approximately $1.45 billion, consisting of approximately $1.075 billion in cash, preferred shares in Sun Products with a face value of $375 million, and warrants offering the opportunity to acquire up to 2.5 percent of the common equity of Sun Products. The sale is part of Unilever's previously announced plans to dispose of non-strategic brands with collectively more than 2 billion euros in turnover.
Unilever received an aggregate consideration of approximately $1.45 billion, consisting of approximately $1.075 billion in cash, preferred shares in Sun Products with a face value of $375 million, and warrants offering the opportunity to acquire up to 2.5 percent of the common equity of Sun Products. The sale is part of Unilever's previously announced plans to dispose of non-strategic brands with collectively more than 2 billion euros in turnover.