Amsterdam, May 8 - Unilever (UN) is considering strategic options for its Bertoli Oil business, Chief Financial Officer Jim Lawrence, said Thursday.
Speaking to analysts Thursday after the the Anglo-Dutch food giant reported better-than-expected first-quarter results, Lawrence told analysts that Unilever is considering its options for the Bertoli Italian olive oil and vinegar business, which could also include keeping the Bertoli brand.
The Bertoli oil and vinegar business has annual sales of EUR300 million, said Lawrence, but the Bertoli brand, which the company is considering keeping, also has snacks, spread and sauces.
The company, which makes Ben & Jerry's ice cream and Hellman's mayonnaise, said in August 2007 that it would sell businesses with annual sales of around EUR2 billion. Lawrence said Thursday the disposal plan, which is part of a wider restructuring program, won't be rushed but that its progressing.
Unilever said Thursday there's interest from several parties for the North American laundry business, which has annual sales of EUR800 million, and that it will be closing the sale of its seasoning and marinade business, Lawry's, soon.
Lawrence also said Thursday that the EUR1.5 billion share buyback program is ahead of schedule and the company will update the market about the share buyback program in the second quarter. The current plan, Lawrence said is to buy back "at least" EUR1.5 billion in 2008.