Unilever has announced it's entered into a definitive agreement to acquire Australian tea business, T2, for an undisclosed amount.
T2 generated sales approaching $57 million for the 12 month period ending June 30, 2013.
Kevin Havelock, Unilever president for refreshment said, "T2 is a fast growing premium tea business with great potential. Unilever is the biggest tea company in the world with brands like Lipton – one of Unilever’s ‘billion-plus’ brands – available in more than 70 countries. This will allow us to bring the benefits of scale and access to new markets to the T2 business and for both businesses to share tea category expertise.
The current T2 business operates 40 stores and its range of teas and tea wares are sold in restaurants throughout the country.
Tea is a strategically important category for Unilever Australia, said Unilever Australasia chairman, Clive Stiff said, "Our Lipton and Bushells brands are two of Australia’s oldest and best loved tea brands … We know tea drinkers are increasingly looking for new and diverse tea flavours, so we are delighted to be bringing T2’s premium and exciting range into the fold. T2 is a great Australian success story – a story that we now intend to continue with Unilever.”