Unilever has struck a deal to sell its global spreads business to investment firm KKR for €6.825 billion ($8.04 billion). In 2016, the business had sales of $3.6 billion, earnings before taxes, etc., of $800 million and assets of $1.3 billion.
Unilever put the business up for sale in June. It includes brands Becel, Flora, Country Crock, Blue Band, I Can’t Believe It’s Not Butter, Rama and ProActiv. It operates across 66 countries around the world.
"After a long history in Unilever we decided that the future of the Spreads business would lie outside the group," said Unilever CEO Paul Polman. It's part of Unilever's efforts to reshape its portfolio for long term growth.
Nicolas Liabeuf, CEO of Spreads, will continue to lead the business. “There is a positive momentum in the performance of the Spreads business and we are excited about continuing this journey with KKR," he added. "We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership.”