LONDON: Anglo-Dutch consumer goods giant Unilever is continuing to dispose of non-core brands with the sale of its Bertolli oil and vinegar business to Spain's Grupo SOS.
The Spanish firm, which markets the world's best- selling olive oil Carbonell, has paid €630 million ($922.6m; £498m) for the oil and vinegar products retailed under the Bertolli Italian Maya, Dante and San Giorgio brands.
The products are sold in more than 50 countries and last year brought in revenues of €380m.
Unilever, however, is retaining the Bertolli name to market margarine, pasta sauce and frozen meals.
Comments the company's president for foods, home and personal care, Vindi Banga: We look forward to working with Grupo SOS to continue to build the Bertolli brand and to create further value."
Adds Jesus Salazar, Grupo SOS chairman: "This transaction is absolutely strategic to Grupo SOS and it reinforces us as worldwide leaders in olive oil."
Data sourced from M&M Global; additional content by WARC staff