British-Dutch multinational company Unilever has agreed to divest its Royal pasta brand in the Philippines to RFM, a food and beverage firm, for $47.8m.
The sale does not include any of Unilever's facilities or employees in the Philippines.
Unilever Philippines chairman and CEO Rohit Jawa said, "Royal pasta is a high quality brand which I am confident will do well under RFM's experienced management.
"We continually review our portfolio of brands and Unilever's decision to divest the Royal brand is in line with our global strategy to focus on our core businesses."
The deal comes after the company sold its Skippy business to the US-based Hormel Foods on 31 January 2013 in a transaction worth $700m.
Unilever is a manufacturer of foods, beverages, cleaning agents and personal care products.
