Unilever has sold its ice-cream business in Venezuela to Colombian automotive company Mack de Venezuela.
The transaction, struck for an undisclosed sum, includes the Tio Rico brand and factory.
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In a statement, Unilever said Mack de Venezuela was chosen “after a careful process considering their capabilities, values, and vision for the future of the business”.
Mack de Venezuela, the Venezuelan subsidiary of Mack de Colombia, is a long-standing dealer for commercial vehicle brands such as Mack and Volvo.
In a statement to Just Food, Unilever emphasised its portfolio of global and local brands will continue to serve Venezuelan consumers.
The company said: “In accordance with our focus on portfolio optimisation and value creation, the Unilever board determined this transaction delivers the best outcome for our shareholders as well as for the further development of the local business.”
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By GlobalDataUnilever added Mack de Venezuela “brings deep knowledge of the local market and a commitment to continuity and long-term development”.
It said: “Mack was selected after a careful process considering their capabilities, values, and vision for the future of the business.
“We are working closely with Mack to ensure a smooth transition and to safeguard business continuity for employees, customers, and partners.”
Unilever is planning to spin off its ice-cream business later this year with the new company to be listed in Amsterdam, London and New York.
In 2024, the group’s ice-cream business generated a turnover of €8.3bn ($9.7bn), up 4.5% on a year earlier. The demerged business will be called The Magnum Ice Cream Company and based in the Netherlands.
