Anglo-Dutch food giant Unilever announced on Thursday that it hadcompleted the sale of its Iberia Foods business on 31 December 31, 2002,to an affiliate of the New York company, Brooklyn Bottling Group NewYork.
Iberia Foods, which has annual net sales of 43 million euros,services more than 3,000 supermarkets, club stores, wholesalers anddistributors in parts of the East Coast of the US. Its products aregeared toward the tastes and needs of HispanicAmericans. As part of the agreement, Iberia Foods, through BrooklynBottling Group, will continue to distribute certain Unilever products.
The sale by Unilever is part of the company's Path to Growthstrategy, a five-year strategic plan announced in February 2000 designedto accelerate top-line growth and further increase operating margins.The plan includes a series of initiativesto focus on fewer, stronger brands and businesses, and to promote fastergrowth.
BBG is a vertically integrated food and beverage businesswith manufacturing, warehousing, sales, marketing and distributioncapabilities.
Terms of the sale were not disclosed.