Unilever Selling Loders CroklaanUnilever Selling Loders Croklaan
August 30, 2002
ROTTERDAM, The Netherlands--Unilever announced Aug. 30 that it will sell its oils and fats business, Loders Croklaan Group (www.croklaan.com), to IOI Corporation Berhad of Malaysia for 217 million euros (US$212.7 million). Currently, the two companies are awaiting approval for the transaction from the Netherlands-based Works Council and trade unions. Unilever retained Deutsche Bank in late April to help it divest the Loders business.
"We are certain that Loders Croklaan's new parent company can further develop the business by adding strength in raw materials and regional presence in Asia," said Patrick Cescau, Unilever's foods director. "We will continue our business relationship making use of Loders Croklaan's innovative capabilities."
IOI Corp. has companies in Malaysia that involve the refinery, oleochemicals and property development industries. As of Jan. 18, 2002, the company operated 10 oil palm mills, a rubber processing factory, an oil palm refinery and a kernel crushing plant. In addition, the group's oleochemical business, which is undertaken by Palmco Holdings Berhad, is the largest oleochemical business in Malaysia.
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