Unilever Faces Worker Protests Over Ivory Coast Exit

There is one brand that comes to mind when we think of everyday essentials: Unilever PLC (NYSE:UL). However, it is due to the underperformance of the Ivory Coast unit that British-based Unilever (LON:ULVR) has decided to sell all of its shares to a local investor group led by wholesale distributor Société de Distribution de Toutes Marchandises Côte d’Ivoire (SDTM). If it happens, as many as 160 employees are on the edge of redundancy.

Workers began protesting at Unilever offices in Abidjan on April 2, driven by fears regarding the potential layoffs. However, the management reported that the transaction was merely a way of selling shares and would not result in the termination of contracts, citing severance pay as irrelevant.

Unilever PLC (NYSE:UL) is a fast-moving consumer goods (FMCG) company based in the United Kingdom. With five main segments, namely Beauty & Wellbeing, Personal Care, Home Care, Foods, and Ice Cream, the company is focused on adding vitality to life. Founded in 1860, the company provides its products under various brand names, like AXE, Ben & Jerry’s, Dove, Hellmann’s, Horlicks, and Knorr.

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