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Investing.com -- Unilever (LON:ULVR) Plc has sold its Venezuelan ice cream operation to automotive company Mack de Venezuela CA, Bloomberg reports, as Venezuela faces renewed high inflation and political uncertainty affecting the private sector.
The transaction, which became effective on July 3, included the Tio Rico ice cream brands along with their office and factory, Unilever confirmed in an emailed response to Bloomberg’s questions. The financial terms of the deal were not disclosed.
Unilever stated that Mack de Venezuela was chosen "after a careful process considering their capabilities, values, and vision for the future of the business." The consumer goods giant added that it is working closely with Mack to ensure a smooth transition and maintain business continuity for employees, customers, and partners.
This sale comes amid challenging economic conditions in the Andean nation, where the private sector continues to face significant pressures.
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