Unilever to Sell 2 Hair Care Brands

Unilever to Sell 2 Hair Care Brands

Unilever to Sell 2 Hair Care Brands

Unilever, the owner of Dove soap, Magnum ice cream and Surf detergent, is understood to be selling two hair care brands in the US as part of its drive to refocus the wide-ranging consumer products group and revive sales.

The Anglo-Dutch company has sent out an information memorandum on Finesse and Aquanet to potential buyers and is thought to have hired Deutsche Bank to handle a possible sale. Finesse, which makes shampoo and other hair products, and Aquanet hair spray could raise about $100m (pounds 56m), according to a banker quoted by Dow Jones news wire. The move comes a week after Unilever announced a strategic review of its west European frozen food business, which could lead to a sell off of Birds Eye in the UK, Findus in Italy and Iglo, which operates in Germany, the Netherlands and other northern European countries. The assets could raise EUR2bn (pounds 1.35bn).

Unilever does not disclose sales numbers for individual products, but it said in its 2004 annual report that sales of US-based hair products stagnated because of 'portfolio problems'.

Unilever's broad review comes as large consumer groups are shedding non-core assets. HJ Heinz is selling its seafood and frozen food brands in Europe. Sara Lee is in talks with buyers over its European apparel business and Pernod Ricard, the French drinks group, is selling Allied Domecq's quick service restaurants division, which it acquired earlier this year as part of its takeover of the UK drinks group.