ABF buys a lot of Mazola
23 Apr 2002
ACH Food Companies, a subsidiary of Associated British Foods, has acquired Unilever's branded corn oil and corn products business in the US, Canada and Puerto Rico, for an all cash consideration of $360 million (£248 million).
The consideration will be paid from existing resources at completion following the grant of appropriate regulatory approvals. There will be a closing adjustment to take account of changes in inventory levels.
As a result of this transaction ACH will acquire a manufacturing facility in Argo, IL, manufacturing assets in Puerto Rico and New Jersey as well as leading brands from Unilever which include: Mazola, Argo, Kingsford's, Purlite, Karo, Golden Griddle, Henri's and a number of Canadian brands.
The acquired brands achieved sales in 2001 of $310 million (£214 million). The acquisition includes net tangible assets valued at 31 December 2001 at $46 million (£32 million).
