Unilever Nigeria PLC said it plans to sell off its spread (butter) business. The company’s butter business includes its BlueBand variants.
The company made the announcement yesterday to the Nigerian Stock Exchange saying:
We hereby give the Nigerian Stock Exchange and the Investing Public notification of the recent announcement by the Unilever Group (attached) of the intention to divest its spreads business as part of the outcome of the strategic review embarked on.
This announcement has no immediate effect on the activities of Unilever Nigeria plc. We shall keep the Nigerian Stock Exchange informed of any subsequent development on this matter.
The company has not disclosed the preferred buyer of the business. Should it go ahead with the sales, the company will be having only its savoury, personal care and detergent business.
The positioning will also bring it in close competition with Nestle, a bigger company that competes with Unilever in savoury business.