20/06/2008 (Business Sale.com) - Unilever, the consumer goods group, is to sell its palm oil plantations based on the Ivory Coast. The group's edible oil business has a yearly turnover of £67 million.

Last year, Unilever began its strategy to divest of businesses with a combined turnover of €2bn, but which are neutral to its operating margin due to costs that can't be covered.

The sale of Unilever's edible oil business includes its interests in local oil palm plantations, Palmci and PHCI. The buying arrangements comprise a 50:50 joint venture between SIFCA and two Singapore-based companies, Wilmar International and Olam International.

The details of the deal have not been disclosed as it is still subject to approval by the regional authorities. The sale is due to be completed by the end of 2008.

Other businesses that Unilever has sold off or agreed to sell include French cheese Boursin, U.S. marinades and spices business Lawry's, it's U.S. laundry business and Bertolli Italian olive oil.

Unilever plans to acquire SIFCA subsidiary, Cosmivoire, an Ivorian producer of soap, which has a market presence throughout Francophone West Africa. The company believes the purchase will boost its consumer business position in the sub-region and in Côte.