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Unilever Sells Off NA Laundry Business

July 28, 2008

Deal includes dryer sheet business.

Unilever has signed a definitive agreement to sell its North American laundry business—including dryer sheets—in  the U.S., Canada and Puerto Rico to Vestar Capital Partners, a global private equity firm. Vestar will merge the business with its existing operation, Huish Detergents Inc., to form a new company, The Sun Products Corporation.

The deal includes a cash payment of $1.075 billion, together with preferred shares in The Sun Products Corporation with a face value of $375 million and warrants offering the opportunity to acquire up to 2.5% of the common equity of The Sun Products Corporation.

The businesses to be sold include the all, Snuggle, Wisk, Surf and Sunlight fabric cleaning and fabric conditioning brands in the US, Canada and Puerto Rico, as well as Unilever’s manufacturing facility in Baltimore, MD.

Laundry will remain an important focus for Unilever outside of North America, according to executives.

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