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Unilever shifts Ivory Coast interest from palm oil to soap

Source:  Copyright 2008, Cosmetics Design
Date:  June 19, 2008
Byline:  Jess Halliday
Original URL: Status ONLINE

Unilever has announced that it is selling its edible oils business and palm oil plantation interests in the Ivory Coast, and will instead invest in a soap business in the country.

The Anglo-Dutch consumer goods firm has in place a strategy to focus on its core businesses, and the sale of the edible oils business, which has an annual turnover of €85m euros, is said to be part of this.

The buyers of the business plus Unilever's interests in palm oil plantations Palmci and PHCI are Ivorian agro-industry company SIFCA and a 50:50 joint venture between SIFCA and two companies based in Singapore, Wilmar International and Olam International.

At the same time, Unilever is to acquire SIFCA soap subsidiary Cosmivoire, which has an annual turnover of €45m and a presence in West Africa.

Buying this company is expected to boost Unilever's presence in the Francophone region.

Financial details of the ...

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