Unilever has announced the completion of the sale of its fragrance business, Unilever Cosmetics International, to Coty Inc. Coty paid $800 million (£ 459 million) in cash, in accordance with the terms agreed upon and announced on 20 May 2005. Subject to future sales, Unilver may receive further deferred payments.

The deal will close in Austria following the receipt of all the necessary regulatory approvals. The sale of the fragrance business is in line with Unilever’s strategy to focus on its core businesses.