Unilever, the maker of Domestos bleach and Flora spread, has sold Bertolli, the world’s bestselling olive oil, to Grupo SOS, Spain's second largest quoted food group, for €630 million (£500 million).

The sale is part of Unilever’s plans to sell non-core assets that produce about €2 billion in annual turnover.

The transaction includes the sale of its Italian Maya, Dante and San Giorgio olive oil and seed oil businesses, and a factory at Inveruno, Italy. Unilever will retain the Bertolli brand in all other categories including margarine, pasta sauces and frozen meals.

The food-to-soap conglomerate has already sold its Boursin French cheese business and Lawry’s, its American marinades and spices business, which each have about €100 million of annual sales.

It is also spinning off some British brands, including Marmite and Pot Noodle, into a separate company to be managed from Rotterdam, raising the chances that they too will be sold.

Turnover from Bertolli’s olive oil, vinegar and Maya, Dante and San Giorgio brands was around €380 million last year. They are sold in more than 50 countries worldwide.

Unilever said the Bertolli brand remains a priority for the group, with “strong growth plans, based on capturing the growing appetite for Mediterranean food products”.

Unilever shares were £14.46, up 4p, in morning trading.

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