Unilever has sold its Bertolli olive oil and vinegar business to Spanish food firm Grupo SOS, it was announced this morning (21 July).
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The Anglo-Dutch consumer goods giant struck a deal worth EUR630m (US$1bn) that will see SOS take on the Bertolli brand in olive oil and vinegar, as well olive oil and seed oil assets in Italy.
Unilever will hang on to the Bertolli brand in all other categories, including margarine, pasta sauces and frozen meals.
Vindi Banga, president for foods, home and personal care at Unilever, said: “Bertolli is a brand leader in olive oils in Europe, the US and Australia and we believe that Grupo SOS, with their deep expertise in this category, will further strengthen the business. We look forward to working with Grupo SOS to continue to build the Bertolli brand and to create further value.”
The deal will see SOS, which owns Carbonell olive oil, bolster its position in the category. Chairman Jesus Salazar added: “This transaction is absolutely strategic to Grupo SOS and it reinforces us as worldwide leaders in olive oil.”
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By GlobalDataThe sale of the olive oil business is part of Unilever’s plans to offload “non-strategic” brands worth over EUR2bn and which has seen the sale of Boursin cheese and US spice business Lawry’s in recent months.
Earlier this month, Unilever sold Komili, the top-selling olive oil brand in Turkey, to local food group Ana Gida.
