Acquisition of Grupo Cressida
Unilever PLC
Unilever NV
2 March 2000
UNILEVER DOUBLES CENTRAL AMERICAN PRESENCE
WITH ACQUISITION OF GRUPO CRESSIDA
Unilever has agreed to acquire Grupo Cressida, a family-owned
Central American laundry, soaps, foods and beverages company,
for US$314 million cash (£197m approx). It will acquire all
the assets and trademarks related to Cressida, doubling the
size of Unilever's business in the region.
The acquisition includes the transfer of approximately 2500
employees and its strong sales and distribution network .
Cressida will retain its snacks and palm plantation interests
in Central America. It is expected that the transaction will
be completed by the end of March, subject to contract
conditions.
Cressida, founded in 1960 and based in Tegucigalpa, Honduras,
with operations across Central America, holds strong market
positions in the powder detergents, laundry soap, foods and
beverages markets. Its leading brands, which are common
across the entire region, include Xedex in powder detergents,
Xtra in soap bars and Natura's for foods and beverages. All
have had a history of continuous growth based on strong
branding and innovation.
Ralph Kugler, president of Unilever's Latin America business
group, said: 'The acquisition represents a perfect fit to
Unilever in terms of brand portfolio and extended
distribution. The combination of Cressida's local strengths
with Unilever's existing joint venture in Unisola and
international brands and expertise, will significantly enhance
Unilever's competitive position in Central America. It will
create a strong base from which to generate growth and develop
innovative products for the benefit of consumers.'
The acquisition of Cressida represents an important further
step to strengthen Unilever's position in core categories in
North Latin America, enhancing at the same time its overall
position in Latin America.
In 1999 Unilever acquired the home and personal care business
(HPC) of Sociedad Industrial Dominicana, Dominican Republic,
and a controlling interest in the Varela HPC business in
Colombia.
This investment demonstrates Unilever's commitment to growing
its presence in Latin America, where its 1999 sales totalled
US$4.6 billion (£2.85bn) and operating profit before
exceptionals was US$453 million (£280m).
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