LONDON and ROTTERDAM, Netherlands — Unilever has inked a definitive agreement to sell one of its divisions for $325 million in cash.
Unilever said it plans to sell its Culver Specialty Brands division — which houses such brands as Mrs. Dash, Molly McButter, Bakers Joy, Sugar Twin and Static Guard, which are sold in the United States and Canada — to B&G Foods. The division, which garnered $90 million in revenue for Unilever for the 12 months ended in September, became part of the company after Unilever's acquisition of Alberto-Culver.
The transaction is subject to regulatory approval and is expected to close this year, Unilever said.