Unilever has announced that it intends to simplify its corporate structure from two legal entities into a single legal entity incorporated in the Netherlands. The company will continue to be listed in London, New York and Amsterdam.
Unilever’s 7,300 employees in the UK will be unaffected by the changes announced on Thursday. The company will also evolve its structure to be based on three divisions: Beauty & Personal Care, Home Care, and Foods & Refreshments. The headquarters of the former two divisions will be based in London.
“Unilever’s Board is fully committed to delivering long-term performance and sustainable value for shareholders,” said Marijn Dekkers, Chairman of Unilever. “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.”