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Unilever Selling Culver Brand For $325M

Mon, 10/31/2011 - 5:25am
Manufacturing.net

NEW YORK (AP) -- Unilever is selling its Culver Specialty Brands business to B&G Foods Inc. for $325 million, the companies announced Friday.

Culver makes food and household products such as Mrs. Dash salt-free seasonings, Molly McButter sprinkles, Sugar Twin sugar substitute, Baker's Joy baking spray and Static Guard spray.

The all-cash deal is expected to close this year.

Unilever, based in the Netherlands, said the specialty brands business generated revenue of roughly $90 million in the most recent fiscal year. The products are created at third-party sites so no Unilever plants are affected by the deal.

The consumer-goods company said the deal allows it to focus on brands in its core categories that have global sales potential. Its brands include Knorr, Hellmann's, Lipton, Dove and Vaseline.

B&G Foods, based in Parsippany, N.J., and maker of brands such as Ortega and Cream of Wheat, said the acquisition is part of its strategy to buy smaller, high-margin companies.

Shares of B&G rose 2 cents to close at $19.60 Friday and were unchanged in after-hours trading. Unilever shares rose 29 cents to close at $35.06 and were unchanged after the market closed.

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