M&A: Unilever plc (ADR) (NYSE:UL) Buys Sir Kensington’s For Undisclosed Terms

M&A: Unilever plc (ADR) (NYSE:UL) Buys Sir Kensington’s For Undisclosed Terms

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Unilever plc (ADR) (NYSE:UL) or Unilever plc (LON:ULVR) disclosed that it struck a deal to buy New York-based condiment maker, Sir Kensington’s, for undisclosed terms and conditions. The company expects the transaction to close in the next few weeks. The United Kingdom-based company faces pressures from different quarters after warding off a takeover bid from Kraft Heinz Foods Co (NYSE:HNZ).

Unilever thinks that the acquisition aligned with its global Sustainable Nutrition strategy perfectly helping to move forward in its objective to make delicious food with less impact on the environment and promote nutritious cooking. The company pointed out that Sir Kensington’s brand has established itself in the last four years with product lines mustard, ketchup, vegan mayo, which is made from aquafaba, and mayonnaise.

The American firm was unveiled in 2010 and dedicated to using sustainably sourced ingredients. Its products and mission jell well with Unilever’s brands. Therefore, it would support or complement the current line of products in food category.

Unilever North America president, Kees Kruythoff, reacted to say, “We are excited to bring Sir Kensington’s into the Unilever family. Their mission to bring ‘integrity and charm to ordinary and overlooked food’ is very much in line with our Unilever Sustainable Living Plan. Sir Kensington’s is an innovative business with outstanding products and a leader in the organic and natural marketplace. We look forward to leveraging our joint understanding of food trends and consumer preferences to significantly grow the business.”

Unilever shares are trading up 0.82 percent at time of writing this.