U.S. Markets closed

Unilever Cooks Up Deal to Sell Ragu Business for $2.15 Billion

Unilever has cooked up a deal to sell ownership of its Ragu and Bertolli pasta sauce businesses to Japanese condiments maker Mizkan Group for $2.15 billion. Mizkan will obtain two factories in Kentucky and a tomato processing plant in California. The acquisition expands Mizkan's product portfolio, which includes rice vinegar as a large focus. Unilever called the sale one of the final steps in restructuring its business in North America as it focuses more on beauty and health products. According to Unilever, the Ragu and Bertolli business leads the pasta sauce category in the U.S. with combined annual sales of $600 million. Unilever said the deal will close in June.