Unilever sells JohnsonDiversey stake

7th Oct 2009 17:59

Anglo-Dutch household goods giant Unilever said it will cut its stake in JohnsonDiversey from 33% to 4%.The group will receive $158m in cash together with $250m senior notes with a 10½ per cent coupon, payable in cash or kind. The deal, which is expected to close before the year end, follows on from the original 2002 sale of Unilever's institutional and industrial cleaning business to Johnson Wax Professional. Meanwhile, JohnsonDiversey announced that Clayton, Dubillier & Rice, are to take a 46% interest as part of a broader recapitalisation transaction.In addition, JohnsonDiversey will continue to sell and distribute certain Unilever products into the professional commercial cleaning and hygiene market.