Unilever Selling Frozen Foods Ops

NEW YORK - Feb 9/06 - SNS -- Unilever plans to sell most of its European frozen foods businesses, keeping just the Italian operations.

Patrick Cescau, Group Chief Executive, said: "Deciding to put the majority of our European Frozen Food business up for sale has been a tough call. It has been a successful business for us over many years, we've built some great brands for consumers with memorable advertising, and they've created real value for our shareholders.

"However, although we have made great progress in increasing profitability in recent years growth has been harder to come by. After an exhaustive review we have decided that the best way for us to create value is by selling the majority of the European Frozen Food businesses."

Patrick Cescau said: "We believe it is right to retain the Italian Frozen Food business because it is inherently an attractive business with good growth prospects. It has a good track record, has strong leadership positions and is strategically important in a number of ways. It is our biggest single business in Italy and its retention plays an important role in future trade relations in that country. It is also an important source of innovation and technology in the attractive frozen meals segment that is proving so successful in the US."