Why Unilever (UL) Stock Is Lower This Afternoon

NEW YORK (TheStreet) -- Shares of Unilever (UL) are down -1.22% to $44.71 after the consumer goods company said it sold its Slim-Fast brand to Kainos Capital, a U.S private equity firm, Reuters reports.

The sale is part of Unilever's ongoing effort to reshape its U.S. portfolio and focus on its core higher-margin personal care business, the company said.

The company will retain a minority stake in Slim-Fast's business. Terms of the deal were not disclosed.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

More from Markets

Square Jumps After Price Target Is Raised

Square Jumps After Price Target Is Raised

Fed Chief Uncertain About Policy-Making as Unemployment Hits 18-Year Low

Fed Chief Uncertain About Policy-Making as Unemployment Hits 18-Year Low

Stocks Posts Gains, Nasdaq Strikes Record High

Stocks Posts Gains, Nasdaq Strikes Record High

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer: Oil Needs to Go Down to See Worldwide Growth Pick Up

Jim Cramer on the Problem With the Case for More Rate Hikes

Jim Cramer on the Problem With the Case for More Rate Hikes