Unilever is in the process of setting its tea business into a standalone company to improve its competitiveness in the tea business in Nigeria and across its market. Unilever had previously disclosed this plan last year August.
The decision to make its tea business into a separate legal entity was formed out of Unilever’s strategic review of the global tea business where it competes with Snapple, Nestea, Twinings.
Snapple and Nestea are bigger rivals to Unilever when compared by earnings of both companies, as well as Twinings. As of 2019, Unilever tea business generated revenues of €2 billion in 2019.
Despite the rivalry from Snapple, Nestea, Twinings and other brands, Unilever last year, said its products such as Lipton, Brooke Bond and PG Tips have “exciting future” in their various market, a statement seen by Ripples Nigeria disclosed.
But Unilever said the projected future can only be achieved by separating the tea business from the parent company. According to new development in the process, the company has disclosed the standalone tea business will be completed before end of fourth quarter 2021
“The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021.” Unilever said in its statement to the investing public.
By Fakoyejo Olalekan…
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...