The headquarters of the Beauty & Personal Care Division and the Home Care Division will be located in London, a move that Unilever said “secures nearly £1 billion per year of continued spend in the UK, including a significant commitment to R&D.”
The headquarters for the third division—Foods & Refreshment—will continue to be based in Rotterdam.
Unilever also intends to simplify from two legal entities, N.V. and PLC, into a single legal entity incorporated in the Netherlands.
The proposed simplification will provide greater flexibility for strategic portfolio change and help drive long-term performance, according to the company.
“Unilever’s Board is fully committed to delivering long-term performance and sustainable value for shareholders. 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,” said Marijn Dekkers, chairman.