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Unilever Sells Stake in JohnsonDiversey

Slashes interest from 33% to 4%.

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By: TOM BRANNA

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Unilever said it will cut its stake in JohnsonDiversey from 33% to 4%.

The group will receive $158 million in cash together with $250 million senior notes with a 10.5% 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, will take a 46% interest as part of a broader recapitalization transaction.

In addition, JohnsonDiversey will continue to sell and distribute certain Unilever products into the professional commercial cleaning and hygiene market.

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