On the Street: Unilever Divests Italian Unit

July 19/M&A Navigator -- Unilever has entered into a binding deal to dispose of its Italian frozen foods unit Findus for 805 million euros ($1.04 billion) to a buyer in which frozen confectioneries maker Birds Eye Iglo holds a significant interest.

Under the deal, Unilever will sell a plant in Cisterna, Italy and brands 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, as well as transfer 650 employees. The disposal is in line with Unilver's strategy to focus on widening its core business outside frozen foods in Italy.

From the August 2, 2010, Prepared Foods E-dition