Unilever today announced that it has signed a binding agreement for the sale of its Italian Frozen Foods business, Findus to a company in which Birds Eye Iglo has a significant stake for a consideration of Euro 805 million.

The transaction includes the sale of the Italian Findus business, comprising the following leading brands: 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, and a dedicated factory in Cisterna, Italy.

James Hill, Chairman of Unilever Italy, said: "Findus is the lynchpin of an attractive and profitable Frozen Foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring. With this deal Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market."

As part of the agreement, approximately 650 factory and head office employees will transfer. Sales of Findus Italy were ?462 million in 2009. The transaction is subject to relevant EU anti-trust regulatory approvals.