Unilever has agreed commitments with its European workers regarding the protection of employees' terms and conditions and consultation timelines ahead of the planned sale of most of its food business to US spices maker McCormick & Co. The London-headquartered FMCG major expects to close the transaction by the middle of next year, a deal that values Unilever's food assets at around $44.8 billion. The worker commitments in the UK and Europe are for two years post the 2027 completion of the transaction, according to Reuters. A representative for the IUF trade union suggested similar work guarantees have not been made to Unilever employees outside of Europe. Once the deal is concluded, Unilever shareholders are expected to own 55.1% of the enlarged group, McCormick shareholders 35% and Unilever 9.9%, with Unilever receiving $15.7 billion in cash.
Unilever PLCUnilever sells food business for $44.8B, receiving $15.7B cash and retaining 9.9% stake in enlarged group.
McCormick & Company IncorporatedMcCormick acquires Unilever's food business for $44.8B, expanding its portfolio and scale.
Unilever PLC