Unilever Plc is planning to sell a portfolio of non-core beauty brands in the US and Europe as it continues with its divestment program, people familiar with the matter said.

The company is working with Credit Suisse Group AG on a potential disposal of the assets, which have combined annual sales of around $600 million, according to the people. No final decisions have been made on the size or timing of any sale, the people said, asking not to be identified because the information is private.

Unilever is also working on a sale or spinoff of its tea business, the people said. That process could kick off in the coming months, according to the people. During a third-quarter results call in October, Unilever management said the separation of the tea business was expected to conclude by the end of 2021.

Representatives for Unilever and Credit Suisse declined to comment.

Unilever reported a 4.4 percent increase in underlying sales for the third quarter of last year, more than double the consensus analyst forecast, as the pandemic led to a spike in demand for hygiene products and comfort foods. The UK-headquartered conglomerate reports results for the fourth quarter next week.

By Ruth David, Dinesh Nair and Crystal Tse.