Unilever announces sale of oils business and plantation interests; plans to buy soap business of Cosmivoire
Update 6/19/2008 6:40 AM ET
(RTTNews) - Consumer goods supplier Unilever Plc (UL: News, Chart, Quote ,ULVR.L: News, Chart, Quote ) said Thursday that it will sell its edible oil business and plantation interests to Ivorian agro-industry firm SIFCA and to a 50/50 joint venture company between SIFCA and two Singapore-based companies, Wilmar International Ltd and Olam International Ltd.
The company expects the sale of its edible oil business in Côte d'Ivoire together with its interests in oil palm plantations, Palmci and PHCI, to be completed by the end of 2008. Unilever said that the disposal agreement with SIFCA, palm-oil processor Wilmar and agricultural products supply chain manager OLAM is in line with its strategy of increasing its focus on core business areas.
Parallel with this, Unilever also announced its planned acquisition of the soap business of Cosmivoire, an Ivorian producer with a market presence throughout Francophone West Africa. The company expects that this purchase will boost its consumer business position both in the sub-region and in Côte d'Ivoire.