Unilever has announced several changes, which include moving its Beauty & Personal Care and Home Care divisions from Rotterdam to London. 

The company states: “Today we are announcing the next steps in the transformation of Unilever into a simpler, more agile and more focused business. The changes will further drive long-term performance and shareholder value, and build upon our Connected 4 Growth program.”

Unilever’s new structure has three divisions: Beauty & Personal Care; Home Care; and Foods & Refreshment. Each will be “more empowered” the company states, with greater responsibility for making long-term strategic choices and managing financial performance. All three divisions will continue to benefit from Unilever’s global scale and route to market.

Moving the headquarters of the Beauty & Personal Care Division and the Home Care Division to London will secure nearly £1 billion per year of continued spend in the UK, including a significant commitment to R&D. The headquarters of the Foods & Refreshment Division will continue to be based in Rotterdam.

A Simplified Corporate Structure

Unilever also announced a more simplified corporate structure — the company’s two legal entities, N.V. and PLC will be a single legal entity incorporated in the Netherlands.

Unilever will continue to be listed in London, Amsterdam and New York. The proposed simplification will provide greater flexibility for strategic portfolio change and help drive long-term performance, the company states. 

The changes also further strengthen Unilever’s corporate governance, creating, for the first time, a ‘one share, one vote’ principle for all shareholders.

Unilever’s employment of 7,300 people in the UK and 3,100 people in the Netherlands will be unaffected by the changes announced today.

Statement from Marijn Dekkers, Chairman of Unilever

Marijn Dekkers, Chairman of Unilever, says: “Unilever’s Board is fully committed to delivering long-term performance and sustainable value for shareholders. The Board believes the move to three Divisions and the simplification of our corporate structure will create a simpler, more agile and more focused company with increased strategic flexibility for value-creating portfolio change. Our decision to headquarter the Divisions in the UK and the Netherlands underscores our long-term commitment to both countries. The changes announced today also further strengthen Unilever’s corporate governance, creating for the first time in our history a ‘one share, one vote’ principle for all our shareholders.”

Watch the video below, to hear the news, first-hand.