Unilever to sell its Turkey-based Unipro bakery and industrial oils business to AAK for undisclosed sum; transaction does not include Unilever's facility in Corlu, at which Unipro brands are currently produced
LONDON and ROTTERDAM, Netherlands
July 26, 2013
– Unilever today announced that it has signed an agreement, subject to regulatory approval, to sell its Unipro bakery & industrial oils business to AAK, one of the world’s leading producers of high value-added speciality vegetable fats, for an undisclosed sum. Unipro’s bakery & industrial oils business consists of a number of sub-brands available in Turkey.
The transaction does not include Unilever’s facility in Çorlu at which Unipro brands are currently produced, but the factory will continue to manufacture for AAK under a third-party agreement.
Izzet Karaca, Unilever Turkey executive vice president, said: “In order for Unilever to continue to deliver sustainable growth, we will continually review and sharpen our portfolio. I am confident the Unipro business will continue to do well under AAK’s management.”
The company’s decision to divest its Turkish oils business is in line with its global strategy to exit non-core business.
In 2012, the Unipro business had a turnover of approximately €75 million. The transaction is expected to close in the third quarter of 2013.