Unilever looks to evaluate the reduction of its North American food business.

Earlier this year, the Netherlands and UK-based consumer giant Unilever started evaluating options for its so-called condiments business, which includesHellmann’smayonnaise and its cooking oils and spreads, for a possible divestiture, said two industry bankers.

Unilever’s board is concerned about the company’s dependence on food product sales in North America and Western Europe, where food consumption is slowing down, and the slowdown has weighed on Unilever’s valuation, said the source familiar with the situation.

One of the company’s options in recent months is evaluating the reduction of its North American food business, a source says. The company’s North American food business has been said to show no growth in the past two years, according to the source. Officials at Unilever declined to comment.

Unilever reportedly has sought advice to find ways to rebalance its food, household and personal products sides of the company, said the source.

Source: www.ft.com/cms/