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Unilever to reduce Nigeria’s presence, sells cream, soap segment

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Unilever posts N4.224bn loss amidst revenue crunch

Food and beverage company, Unilever Nigeria, has concluded plans to reduce its presence in the Nigerian market.

In a financial statement for H1 2021, Unilever said it would divest its investment in Home and Personal Care business by selling off part of the non-food segment to an interested buyer.

According to the statement, part of the Home and Personal Care segment earmarked for sale will cost the prospective investor N262 million.

The company revealed that negotiations with a prospective investor are ongoing and the deal is expected to be concluded by end of this month.

The statement read: “During the year, management committed to a plan to sell part of its manufacturing facility within the Home and Personal Care segment.

READ ALSO: Unilever suffers N165.41m loss as export revenue declines 

“Accordingly, part of that facility is presented as assets held for sale at the carrying amount of N262 million. Efforts to sell the disposal group have reached an advance stage and sale is expected by July 2021.”

Although Unilever’s famous brands include Axe, Lifebuoy, Lux, Dove, Rexona, Sunlight, and others, it is still unclear which beauty and care products will be taken over by the new owner.

The sale of the Home and Personal Care segment comes three years after Unilever sold its spreads business to Sigma Silver Foods (Upfield Foods) Nigeria Limited.

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