Business
Unilever sets timeframe for standalone tea business to compete against Nestea, others
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.
Read also: Unilever extends losses for second-straight year in 2020
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…
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