According to media reports, Mizkan Group has signed an agreement with Unilever to buy its North America pasta sauces business under the Ragu and Bertolli brands. The value of the transaction is expected to be approximately $2.15 billion.
Kazuhide Nakano, Chairman and CEO Mizkan Holdings, said: “This transaction represents an important milestone in our global expansion strategy. We are confident that this transaction allows us to further achieve our objectives of diversification and expansion of our international footprint. […] We believe this acquisition will create more opportunities for our company and our workforce, including Ragu and Bertolli’s talented employees, and create significant value for our global stakeholders.”
The annual turnover for the Ragu and Bertolli brands is more than $600 million. The deal includes two production facilities – a sauce processing and packaging facility in Owensboro, Kentucky, and a tomato processing facility in Stockton, California.
Subject to regulatory approval, the transaction is expected to close by the end of June.
Source: Financial Times / Unilever