Unilever targets £830m in productivity savings by 2029

Summarised from 2 outlets · Updated 3 Nov, 17:32 · Archive

Unilever is targeting £830 million in productivity savings by the end of 2029 through organisational simplification and technology initiatives.

Unilever has announced productivity savings of around one billion euros (£830 million) by the end of 2029 through organisational simplification, process redesign and technology initiatives. The savings are intended to address costs linked to the merger of its food business with US rival McCormick, which includes brands such as Hellman's, Marmite and Pot Noodle. The deal is expected to complete next year.

Unilever said it will become a more focused home and personal care business after the food merger. This follows the spin-off of its Magnum ice cream operation last year. The company told shareholders ahead of an investor event that it is targeting annual underlying sales growth of between 4% and 6% in the medium term and a 'modest' improvement in operating margins.

CEO Fernando Fernandez said the company was 'becoming a sharper, more focused HPC business' with significant growth opportunities. He described the new operating model as combining 'a centralised global strategy with excellence in local execution', aiming for 'portfolio convergence and simplification'. The company did not disclose whether the simplification efforts would impact employment.

How it is being reported

• Unilever targets £830m in productivity savings by 2029The consumer group said the savings will help to address costs linked to the merger of its food business with US rival McCormick.Independent Business · 3 Nov, 17:05
• Unilever targets £830m in productivity savings by 2029The consumer group said the savings will help to address costs linked to the merger of its food business with US rival McCormick.Evening Standard · 3 Nov, 17:05

In this story: Unilever · McCormick · Fernando Fernandez · Dove · Magnum · Hellman's · Marmite · Pot Noodle

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