Unilever has announced plans to create a separate entity to manage its tea brands and tea estates. The firm says the decision was reached after a strategic review of the global tea business commenced in January 2020.
Unilever says the strategic shift will maximize the potential of the tea brands and estates. However, Unilever will retain the businesses in India and Indonesia and the partnership interests in the ready to drink tea joint ventures.
The announcement will see Limuru Tea Plc managed by the new entity expected to be in place by the end of 2021. Unilever holds 52 percent ownership in Limuru Tea PLC and says the shareholding in the listed tea producer remains unaffected.
As the majority shareholder, Unilever oversees the growing, manufacture, sales, and marketing of Limuru Tea products.