Unilever’s local subsidiary sells olive oil business in Greece

GREECE – Elais-Unilever Hellas, the company’s Grrek subsidiary, has announced it intends to sell its Altis, Elanthi and Solon olive brands, and start manufacturing cleaning products in Greece, to counterbalance its departure.

According to a senior company official, “it would be ideal if both the olive oil and the margarine brands ended up in the same company.”

Unilever intends to pull out of the olive oil market as “for some time it has ceased to be a strategic category for the group. It only accounts for 7-8 per cent of the company’s total turnover and has major fluctuations in prices,” the same official explained.

Besides the trademarks, the buyer will also get the Elais factory on Pireos Street – the main thoroughfare linking the Greek capital with the port of Piraeus – as is, complete with its employees.

Unilever is also seeking a buyer in Greece and internationally for its margarine brands produced in Greece at the company’s other plant, in Rendi which are the Flora, Vitam, Altis Soft and Becel brands, for which no final decision has been made yet.

Unilever is also seeking a buyer for its margarine brands Vitam, Altis Soft and Becel, which are produced at its Rendi plant.

“Greece remains a priority for Unilever and this product portfolio restructuring is expected to help improve the local company’s growth and profitability prospects, while boosting focus on strategic categories and investing in new products in the local market” said Unilever.

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