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Thursday, May 30, 2024

Unilever to Sell Tea Business in Nigeria, Other Locations

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Unilever Plc, the parent company of Unilever Nigeria has announced plans to separate its tea business in Nigeria and other geographical locations.

In January, Unilever announced a strategic review of the global tea business, which includes leading brands such as Lipton, Brooke Bond and PG Tips.

“This review has assessed a full range of options. We will retain the tea businesses in India and Indonesia, and the partnership interests in the ready-to-drink tea joint ventures,” CEO Alan Jope said.

“The balance of Unilever’s tea brands and geographies and all tea estates have an exciting future, and this potential can best be achieved as a separate entity. A process will now begin to implement the separation, which is expected to conclude by the end of 2021.”

The tea business that will be separated generated revenues of €2 billion in 2019.

Unilever Nigeria Plc slid to a N519.33 million loss in the second quarter (Q2) of 2020 after sales fell because of restriction on credit sales and loss of patronage due to the lockdown imposed by government to curb the coronavirus.

The after tax loss is the first in more than five years as the consumer goods giant’s products are not essential items and were susceptible to competition especially in the lockdown periods between April to May.



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