Unilever will sell its North America pasta sauces business under the Ragu and Bertolli brands to Mizkan Group for approximately $2.15 bn.
The annual turnover for Ragu and Bertolli is more than $600m.
The transaction includes two production facilities – a sauce processing and packaging facility in Owensboro, Kentucky, and a tomato processing facility in Stockton, California.
“This sale represents one of the final steps in reshaping our portfolio in North America to deliver sustainable growth for Unilever, and enables us to sharpen our focus within our foods business,” said Kees Kruythoff, president, Unilever North America.
“The Ragu and Bertolli business leads the pasta sauce category in the United States, and we believe that the potential of both brands can be fully realized with Mizkan.”
The transaction, subject to regulatory approval and customary closing conditions, is expected to close by the end of June.