- The stock price of Unilever (NYSE: UL) fell by over 1.3% during intraday trading today. This is why it happened.
The stock price of Unilever (NYSE: UL) fell by over 1.3% during intraday trading today. Investors responded negatively to a report that Unilever will be cutting about 1,500 management jobs. And the company will be restructuring its business in order to focus on 5 main product areas following an attempt to drive growth after a failed acquisition.
Going forward, Unilever is going to focus on beauty and wellbeing, personal care, home care, nutrition, and ice cream.
“Moving to five category-focused business groups will enable us to be more responsive to consumer and channel trends, with crystal-clear accountability for delivery,” said Unilever CEO Alan Jope said.
Last week, Unilever canceled a plan to bid 50 billion pounds ($67 billion) for GlaxoSmithKline’s (GSK) consumer healthcare business for 50 billion pounds ($67 billion). The proposal was rejected by GSK.
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