Unilever CEO looking to sell food brands with $1 billion in sales, FD reports

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Business

Posted By Uma Rajagopal

Posted on December 2, 2024

Unilever CEO looking to sell food brands with $1 billion in sales, FD reports

AMSTERDAM (Reuters) – Unilever is looking to sell several food brands that have combined sales of around 1 billion euros ($1.05 billion), Chief Executive Officer Hein Schumacher told Dutch financial daily FD in an interview published on Monday.

Schumacher did not specify which brands Unilever wants to sell as part of its earlier announced plans to streamline its food business.

Sources told Reuters earlier this month the company was exploring the sale of some of its Dutch food brands, including Unox soups and Conimex seasonings, and was also trying to sell smaller food brands in Britain and other countries in Europe.

Unilever, home to about 400 brands worldwide, has over the past year been trying to recalibrate its operations to focus more on marketing its top 30 “power” brands and streamlining its business, particularly in Europe. In March, Unilever said it would spin off its ice cream unit, home to brands such as Magnum and Ben & Jerry’s.

Schumacher told FD he aimed to slim down the “rather eclectic portfolio of food brands,” with a focus on sauces, condiments and products for restaurants and other professional kitchens.

But not every brand that does not fit that description will have to go, he added.

“We are not conducting a fire sale. There will always be brands that are not a perfect strategic fit, but that will remain part of Unilever,” Schumacher said.

($1 = 0.9503 euros)

(Reporting by Bart Meijer; Editing by Sonali Paul)

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