Unilever Nigeria’s Tea segment to become a separate legal entity
Leading FMCG Company, Unilever has disclosed its plans to separate its tea business into a separate legal entity in line with the company’s global strategic review.
In a published statement signed by the company’s secretary, Mrs Abidemi Ademola, General counsel & Company secretary, Unilever Nigeria announced: “Further to the announcement made on 5th August, 2020 about Unilever’s global announcement on the Strategic Review and planned separation of its Tea business, this is to notify The Nigerian Stock Exchange and our esteemed shareholders of the plan to separate the Unilever Nigeria Plc tea business into a separate legal entity.”
“The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021. We shall keep the Nigerian Stock Exchange and stakeholders informed of subsequent developments on this matter,” the statement concluded.
In 2020, Unilever global headquarters announced a strategic review of the global tea business which includes leading brands such as Lipton, Brooke Bond and PG Tip. The review, according to Unilever, has prompted the decision to retain the tea businesses in India and Indonesia, as well as the partnership interests in the ready-to drink joint venture, while noting that the tea business potential can best be achieved as a separate entity.
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