Unilever confirms sale of frozen food business
Unilever has confirmed speculation that it is to sell its slow-growing Italian frozen foods business at a price estimated by analysts to be in excess of £520 million (£600m).
The consumer goods giant says the sale of Findus Italy will allow it to increase investment in core categories in the country.
The maker of Knorr soups and Hellmann’s mayonnaise says frozen food is no longer a core product in Europe after it sold most of its Birds Eye Iglo unit in 2006.
“Any sale would enable us to focus on our other categories, increasing investment in brands which will deliver higher levels of growth and shareholder value, according to a statement from James Hill, chairman of Unilever Italy.