Unilever 2010 Annual Report Download - page 121

118 Unilever Annual Report and Accounts 2010
Financial statements
Notes to the consolidated financial statements Unilever Group
26 Acquisitions and disposals (continued)
Other 2010 acquisitions and disposals
On 18 January 2010 we announced a definitive agreement with Hormel Foods Corporation to sell our Shedd’s Country Crock branded side dish
business in the US. The transaction was completed in February 2010. Under the terms of the agreement, Hormel will market and sell Shedd’s
Country Crock chilled side-dish products, such as homestyle mashed potatoes, under a licence agreement.
On 26 April 2010 we announced the agreement with Strauss Holdings Ltd to increase the Unilever shareholding in Glidat Strauss Israel from
51%to 90% for an undisclosed sum. The transaction was completed on 7 October 2010.
On 1 June 2010 we completed the disposal of the Brunch brand in Germany to Bongrain.
On 9 August 2010 we announced an asset purchase agreement with the Norwegian dairy group TINE, to acquire the Ice Cream operations
ofDiplom-Is in Denmark, as of 30 September 2010. The value of the transaction is undisclosed.
On 24 September 2010 we announced a definitive agreement to sell our consumer tomato products business in Brazil to Cargill for approximately
R$600 million. The assets and liabilities related to this business are reported as held for sale.
On 27 September 2010 we announced a definitive agreement to acquire Alberto Culver Company for US$3.7 billion in cash. The acquisition has
received shareholders approval but it is subject to regulatory approval.
On 28 September 2010 we announced an agreement to buy EVGA’s ice cream brands and distribution network in Greece for an undisclosed sum.
The transaction was completed on 27 January 2011.
The disposal of our frozen foods business in Italy for €805 million to Birds Eye Iglo was completed on 1 October 2010.
2009
On 2 April 2009 we announced the completion of our purchase of the global TIGI professional hair product business and its supporting advanced
education academies. TIGI’s major brands include Bed Head, Catwalk and S-Factor. Turnover of the business worldwide in 2008 was around
US$250 million. The cash consideration of US $411.5 million was made on a cash and debt free basis. In addition, further limited payments related
tofuture growth may be made contingent upon meeting certain thresholds.
On 23 June 2009 we announced that we had increased our holding in our business in Vietnam to 100%, following an agreement with Vinachem
who previously owned 33.3% of the business.
On 3 July 2009 we completed the acquisition of Baltimor Holding ZAO’s sauces business in Russia. The acquisition includes the ketchup,
mayonnaise and tomato paste business under the Baltimor, Pomo d’Oro and Vostochniy Gourmand brands – and a production facility at Kolpino,
near StPetersburg.
On 3 September 2009 we announced the sale of our oil palm plantation business in the Democratic Republic of Congo to Feronia Inc, for an
undisclosed sum.
On 24 November 2009 we completed the sale of our interest in JohnsonDiversey. The cash consideration received was US $390 million, which
included both the originally announced cash consideration of US $158 million plus the proceeds of the sale of the 10.5% senior notes in
JohnsonDiversey Holdings, Inc. We retain a 4% interest in JohnsonDiversey in the form of warrants. See also note 11 on page 91.
2008
With effect from 1 January 2008, we entered into an expanded international partnership with PepsiCo for the marketing and distribution
ofready-to-drink tea products under the Lipton brand.
On 3 January 2008 we completed the sale of the Boursin brand to Le Groupe Bel for €400 million. The turnover of this brand in 2007 was
approximately €100 million.
On 2 April 2008 we completed the acquisition of Inmarko, the leading Russian ice cream company. The company had a turnover in 2007
ofapproximately €115 million.
On 31 July 2008 we completed the sale of our Lawry’s and Adolph’s branded seasoning blends and marinades business in the US and
CanadatoMcCormick & Company, Incorporated for €410 million. The combined annual turnover of the business in 2007 was approximately
€100million.
On 9 September 2008 we completed the sale of our North American laundry business in the US, Canada and Puerto Rico to Vestar Capital
Partners, a leading global private equity firm, for consideration of approximately US $1.45 billion, consisting mainly of cash, along with preferred
shares and warrants. These businesses had a combined turnover in 2007 of approximately US $1.0 billion.
On 5 November 2008 we completed the sale of Komili, our olive oil brand in Turkey, to Ana Gida, part of the Anadolu Group.
On 4 December 2008 we completed the sale of our edible oil business in Côte d’Ivoire, together with interests in local oil palm plantations
Palmciand PHCI, to SIFCA, the parent company of an Ivorian agro-industry group, and to a 50:50 joint venture between two Singapore-based
companies, Wilmar International Limited and Olam International Limited. At the same time we acquired the soap business of Cosmivoire,
asubsidiary of SIFCA.
On 23 December 2008 we completed the disposal of our Bertolli olive oil and vinegar business to Grupo SOS for a consideration of €630 million.
The transaction was structured as a worldwide perpetual licence by Unilever of the Bertolli brand in respect of olive oil and premium vinegar. The
transaction included the sale of the Italian Maya, Dante and San Giorgio olive oil and seed oil businesses, as well as the factory at Inveruno, Italy.