AMSTERDAM, Netherlands (AP) -- Unilever PLC said Tuesday it has signed a deal to sell its Bertolli olive oil and vinegar business to Spain's Grupo SOS for 630 million euros ($999 million).
The sale was part of a plan by the Anglo-Dutch consumer and food giant to narrow its product list and focus on strategic brands, selling off product lines collectively worth more than 2 billion euros ($3 billion) in turnover.
Unilever said the sale included the Italian Maya, Dante and San Giorgio olive oil and seed oil businesses, as well as a factory in Inveruno, Italy. The combined sales were about 380 million euros ($603 million) last year.
But Unilever said it would retain the Bertolli brand for all other categories including margarine, pasta sauces and frozen meals.
The agreement was expected to close later this year after regulatory approval.
Jesus Salazar, Grupo SOS chief executive, said the agreement "reinforces us as worldwide leaders in olive oil."