• September 10, 2008

Unilever has completed the sale of its North American laundry business in U.S., Canada and Puerto Rico to Vestar Capital Partners, a private equity firm.

> Vestar, which bought the business for $1.45 billion, will merge it with its existing operation, Huish Detergents Inc., to form a new company, The Sun Products Corporation, per the firm.

The $1.45 billion price comprised $1.075 billion in cash, preferred shares in Sun Products with a face value of $375 million, and warrants offering the opportunity to acquire up to 2.5% of the common equity of Sun Products, per the companies.

The sale is part of Unilever's previously announced plans to dispose of non-strategic brands with collectively more than €2 billion in turnover. --Karl Greenberg