Mizkan to purchase Ragu and Bertolli pasta sauce brands from Unilever

Mizkan Group has entered into a definitive agreement with Conopco (a subsidiary of Unilever) under which it will acquire the Ragu and Bertolli pasta sauce brand portfolio. Under the terms of the agreement, Mizkan will pay US$2.15bn.

Mizkan expects to enhance the Company's focus on its North American branded business through the addition of iconic brands with broad recognition and customer loyalty. It also hopes to further expand and strengthen its US operations by leveraging synergies with Mizkan's American business, and develop a more balanced global operation, diversifying away from a focus on the Japanese market.

The transaction includes two production facilities: a sauce processing and packaging facility in Owensboro, Kentucky, and a tomato processing facility in Stockton, California. The completion of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of requisite regulatory approvals.

The transaction is expected to be completed by the end of June 2014.

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