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Unilever PLC (NYSE:UL) shares are trading higher on Friday.
The consumer goods giant intends to reduce one-third of its office positions in Europe by the end of 2025 as part of efforts led by the CEO to stimulate growth, Reuters reported.
Unilever announced plans to eliminate up to 3,200 positions across Europe by the end of 2025 during a company-wide call with senior executives on Wednesday.
This move comes amidst ongoing efforts by the company, which counts billionaire activist investor Nelson Peltz among its shareholders and board members, to streamline its operations.
Also Read: Ben & Jerry’s Co-Founders Not Worried About Ozempic’s Impact On Ice Cream Business: Here’s Why
CEO Hein Schumacher, who assumed leadership last year, outlined strategies in October to regain investor trust following a period of underperformance.
According to Benzinga Pro, UL stock has gained over 2% in the past month. Investors can gain exposure to the stock via Absolute Select Value ETF (NYSE:ABEQ) and American Century Focused Large Cap Value ETF (NYSE:FLV).
“We are now, over the next few weeks, starting the consultation process with employees who may be impacted by the proposed changes,” a Unilever spokesperson said in an email to Reuters.
“The expected net impact in roles in Europe between now and the end of 2025 is in the range of 3,000 to 3,200 roles,” Constantina Tribou, chief human resources officer, said during the video call, Reuters added.
In March, Unilever initiated a business shake-up by announcing the spin-off of its ice cream division, which includes iconic brands like Magnum and Ben & Jerry’s, as part of efforts to rejuvenate growth.
Price Action: UL shares are trading higher by 1.86% to $57.69 at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
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