Unilever, the consumer goods giant, has sold its North American pasta sauces business under the Ragu and Bertolli brands to Japanese condiments maker Mizkan Group for $2.15bn.
Unilever has been selling its low-margin brands in order to concentrate on its more profitable care brands such as Dove.
Unilever recently sold its Peperami brand in Europe and Wishbone salad dressings and Skippy peanut butter in the US.
The deal will give Mizkan, famous for its supply of rice vinegar, more recognition in the US.
Unilever’s pasta sauce business has an annual turnover of more than $600m.
Unilever President, North America, Kees Kruythoff said: “This sale represents one of the final steps in reshaping our portfolio in North America to deliver sustainable growth for Unilever, and enables us to sharpen our focus within our foods business.The Ragu and Bertolli business leads the pasta sauce category in the United States, and we believe that the potential of both brands can be fully realized with Mizkan.”
The transaction is expected to close by the end of June.
Laura Bracher, London
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