Anglo-Dutch consumer goods giant Unilever yesterday confirmed the sale of its Findus Italy business to frozen-foods group Birds Eye Iglo in a deal worth EUR805 million (A$1.2 billion).
Unilever said it had sold Findus Italy “to a company in which Birds Eye Iglo has a significant stake” three months after it had put the business on the block.
James Hill, chairman of Unilever’s Italian business, said: “Findus is the lynchpin of an attractive and profitable Frozen Foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring.”
Hill added: “With this deal Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market.”
Unilever said Findus Italy, which sells brands including 4 Salti in Padella, Sofficini and Captain Findus, generated EUR462m in sales in 2009.
The deal remains subject to regulatory clearance from the EU.