Unilever plans five-fold increase to its Chinese business
Unilever, the world’s second-biggest consumer goods company, plans to increase its business in China by as much as five times its current levels.
“Our commitment in China is to build a business four or five fold what it is now,” said Harish Manwani, president of Unilever’s Asia, Africa and Eastern and Central European operations.
“Our business has been growing steadily at about 18% to 19% per annum,” he added.
The maker of Dove soap and Magnum ice-cream has recently raised its prices as costs of commodities rise. Unilever last month accepted a fine by Chinese authorities for 2m yuan (£309,000) for telling the media about its plans to increase prices.
China, the world’s most populous nation, may show economic growth of 9.5% this year, triple the pace of the US.
Unilever, which Mr Manwani said has 2bn customers globally, acquired an 89.35% stake in PT Sara Lee Body Care Indonesia, in June, 2010. Last month, it completed the purchase of Alberto Culver Co for $3.7bn. “At this stage, we are trying to make sure that we make the most of some of the exciting brands,” Mr Manwani added.
Shaun Rein, managing director of China Market Research Group, said the firm’s aim was “realistic”.
[Image: Unilever at Port Sunlight]
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