Unilever CEO Hein Schumacher Announces Intention to Sell Food Brands

Unilever plc CEO Hein Schumacher revealed in an interview with Dutch financial daily FD on Monday that the company is looking to sell several food brands with a combined turnover of approximately $1 billion.

This announcement comes as Unilever, which sells 400 brands worldwide, is struggling to focus on its 30 "power" brands and streamline its business, particularly in Europe. Schumacher emphasized his preference to reduce the company's "rather eclectic portfolio of food brands."

"We are not conducting a fire sale. There will always be brands that are not a perfect strategic fit, but that will remain part of Unilever," Schumacher said.