Leaders Online: Unilever, the parent company of Hindustan Unilever (HUL), plans to lay off 7,500 employees. The company also announced the separation of its ice cream unit as a separate business as part of a cost-cutting initiative. The restructuring process in the company will be completed by the end of next year, said a press release issued by the company. (HUL Layoffs)
'The company board has decided that the separation of the ice cream unit is important for the future growth of both ice cream and Unilever. The separation process of both will start immediately. Further information will be provided in due course. The company's proposed changes are likely to affect mainly 7,500 manpower globally. Total restructuring costs are now expected to be around 1.2 per cent of group turnover for the next three years,' Hindustan Unilever noted.
The separation of the ice cream unit will help Unilever's management to accelerate the implementation of the growth action plan announced in October 2023, the company added. “Ice cream has a very different operating model. As a result, the board has decided that the separation of the ice cream unit is best for the future growth of both ice cream and Unilever,” claimed Unilever. (HUL Layoffs)
HUL operates in the Indian market with three ice cream brands namely Magnum, Quality Walls and Cornetto. HUL Ice Cream business falls under the Food and Refreshment segment. It contributes 25 percent to their earnings. His Quality Wall's mobile vending initiative 'I Am Walls' has provided entrepreneurship opportunities to around 12,600 people and 250 people with disabilities across the country.
💼💲 #Corporate | #HindustanUnilever's parent firm #Unilever plans to separate its ice cream unit into a standalone business under a new cost-savings scheme that will see nearly 7,500 jobs gone which is expected to be completed by the end of next year, the company said.
➡️ The… pic.twitter.com/wQeKIJisxD
— Business Today (@business_today) March 20, 2024
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