Unilever to sell Ambrosia

Anglo-Dutch food group Unilever says it has agreed to sell its Ambrosia and Brown & Polson units to Premier Foods, in a deal worth £105m ( €153.8m).

Premier Foods will combine the units with its existing food brands that include household names such as Typhoo Tea and Sun-Pat peanut butter.

The deal is expected to close at the end of the year.

In a statement today, Unilever said the Ambrosia and Brown and Polson units have combined annual sales of about £60m (€87.93m).

Unilever is slashing some of its brands as it aims to restore profit margins in the face of sluggish sales.

Ambrosia makes milk-based desserts including custard and rice pudding and a recent article in Check Out magazine said the Irish market for Ambrosia products was €3m.

Unilever Bestfoods produce the Ambrosia brand in Ireland.