Unilever Agrees to Sell Shedd’s Country Crock® Chilled Side-Dish Business

ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Unilever today announced that it has signed a definitive agreement with Hormel Foods Corporation to sell its Shedd’s Country Crock^® branded chilled side-dish business in the US. The transaction is expected to close by February 2010. Financial terms are not being disclosed and ownership of the Shedd’s Country Crock trademark and its flagship spreads product range remain with Unilever.

“This transaction is consistent with our efforts to reshape our portfolio in North America by sharpening our focus on building strong categories with global reach”

The Shedd’s Country Crock chilled side-dish business generated approximately $50 million (EUR 35 million) in revenue for Unilever in 2009.

“This transaction is consistent with our efforts to reshape our portfolio in North America by sharpening our focus on building strong categories with global reach,” said Michael B. Polk, President, Unilever Americas.

Under the terms of the transaction, Hormel will market and sell Shedd’s Country Crock chilled side-dish products, such as homestyle mashed potatoes, under a license agreement. No Unilever employees will be transferred with the business.

Safe Harbor Statement:

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About Unilever:

Unilever’s mission is to add vitality to life. We meet everyday needs for nutrition, hygiene and personal care with brands that help people feel good, look good and get more out of life. Each day, around the world, consumers make 160 million decisions to purchase Unilever products. In the United States, the portfolio includes major brand icons such as: Axe, Ben & Jerry's, Bertolli, Breyers, Caress, Country Crock, Degree, Dove personal care products, Hellmann's, Klondike, Knorr, Lipton, Popsicle, Promise, Q-Tips, Skippy, Slim-Fast, Suave, Sunsilk and Vaseline. All of the preceding brand names are registered trademarks of the Unilever Group of Companies. Dedicated to serving consumers and the communities where we live, work and play, Unilever employs nearly 12,000 people in both the United States and Puerto Rico – generating nearly $10 billion in sales in 2008. For more information, visit www.unileverusa.com.