Unilever 2001 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2001 Unilever annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 125

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125

On 20 December 2001, we completed the sale of
Unipath Limited, our women’s health diagnostics business,
to Inverness Medical Innovations Inc. for £103 million
(166 million) in cash.
In addition to the above disposals, on 31 July 2001 we
announced the completion of the sale of the Bestfoods
Baking Company to George Weston Limited for
$1.77 billion. The assets and liabilities of this business,
after adjustment to their proceeds of sale, were included
within the balance sheet at 31 December 2000 as acquired
businesses held for resale. Therefore the results of this
business were not consolidated in the Group results in 2001.
On 8 January 2002, we announced a definitive agreement
for the sale of our Unimills refinery business at Zwijndrecht,
the Netherlands, to Golden Hope Plantations Berhad of
Malaysia, for approximately 60 million in cash. This
business has annual sales to third parties of approximately
130 million.
In 2000 we disposed of 27 businesses for a total
consideration of approximately 642 million. Disposals
included the European Bakery Supplies Business, Benedicta,
a culinary business in France, and various other smaller
businesses and brands.
We have also announced our intention to dispose of the
following businesses:
On 31 May 2001, we announced plans to sell a number
of North American food brands and related assets from the
Bestfoods portfolio, primarily cooking oil products, corn
starches, commodity oils and syrups. Also included in the
planned sale were the Rit dye and Niagara starch fabric care
brands. In total these brands have combined annual sales
approaching $400 million.
On 20 November 2001, we announced an agreement to
sell our DiverseyLever institutional and industrial cleaning
business to Johnson Wax Professional. The total value of the
transaction to Unilever is $1.6 billion (1.75 billion). Unilever
will retain a one-third holding in the combined business.
Cash proceeds of the sale are expected to amount to
$1 billion (1.1 billion). Sales for the year to 31 December
2001, excluding sales of the consumer brands which
Johnson Wax Professional will distribute for Unilever under
a separate sales agency agreement, were approximately
$1.5 billion (1.7 billion).
Public takeover offers made by Unilever during 2001 and
2000 related to the following acquisitions:
On 14 March 2000, following a joint offer by Unilever and
its subsidiary Hindustan Lever Limited (HLL) for the 34.97%
of the shares in Rossell Industries Limited, India, not already
owned by Unilever, Lipton India Exports Limited, a wholly
owned subsidiary of HLL acquired 24.59% of the shares for
a consideration of 10.4 million.
On 15 May 2000, following an all cash public tender offer,
Unilever, through its US subsidiary, Conopco, Inc., acquired
Ben & Jerry’s Homemade, Inc. for an aggregate
consideration of 345 million.
On 4 October 2000, following an all cash public merger
transaction, Unilever, through its subsidiary, Unilever United
States, Inc., acquired Bestfoods for an aggregate
consideration of 26 083 million.
On 23 January 2001, following an offer, made in November
2000, through its subsidiary, Hindustan Lever Limited, for
the 24.62% of the shares in International Bestfoods Limited
India not already owned by Bestfoods, Unilever acquired
7.99% of the shares for a consideration of 2 million.
On 31 January 2001, following an offer made in
October 2000 by Unilever through its Tunisian subsidiary,
Société de Cosmetiques Détergent et Parfumerie, for the
9.21% of the shares in Société de Produits Chimiques
Détergents not already owned by Unilever, 8.1% of the
shares were acquired for a consideration of 4 million.
On 4 December 2001, following a further joint offer by
Unilever and its subsidiary, Hindustan Lever Limited, for
the remaining 10.38% of the shares in Rossell Industries
Limited, India, not acquired in March 2000 (see above),
Lipton India Exports Limited, a wholly owned subsidiary
of HLL acquired a further 6.27% of the shares for a
consideration of 1.8 million, which brings the Group’s
aggregate holding in Rossell Industries to 95.89%.
Unilever Annual Report & Accounts and Form 20-F 2001
OPERATING REVIEW – HIGHLIGHTS >13
Report of the Directors