Unilever Reaches Staff Commitments Ahead of $44.8 Billion Sale to McCormick
Unilever has reached agreements with its European workers regarding employment terms ahead of the planned sale of most of its food business to US-based spices company McCormick & Co. The deal, valued at approximately $44.8 billion and expected to close by mid-2027, excludes operations in India, Nepal, Portugal, as well as Unilever’s nutrition unit and Lipton ready-to-drink division. Unilever confirmed ongoing discussions with European works councils have led to commitments on employee protections for two years post-deal. However, similar guarantees outside Europe are not yet secured, according to the IUF trade union representative Sarah Meyer. The transaction will see Unilever shareholders own 55.1% of the combined business and receive $15.7 billion in cash. McCormick’s leadership team is expected to manage the new entity from its Maryland headquarters while establishing an international HQ in the Netherlands and seeking a secondary listing on London's stock exchange.
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Topics: corporate restructuring employee agreements McCormick & Co. Unilever