Unilever completes sale of laundry business

London-based Unilever NV/PLC said Tuesday it completed its sale of its North American laundry business in the U.S., Canada and Puerto Rico to private-equity firm Vestar Capital Partners.

Vestar said it will merge the business with its existing laundry division, Huish Detergents Inc., to form a new company called the Sun Products Corp.

Unilever said in July it would sell the business, which includes the All, Snuggle, Wisk and Surf brands, to Vestar for $1.45 billion in a cash and stock deal.

Unilever said the deal is part of its plans to dispose of "non-strategic brands."