Aug 2019 Financial News

Unilever Caribbean Limited continues stabilization efforts

Aug 26, 2019

In the spirit of securing the long-term operations of Unilever Caribbean Limited (UCL), the company is currently reviewing its operations in the context of a weak domestic economy and a challenging global environment.

For the past few weeks, UCL has been in discussions with stakeholders, including the Oilfields Workers’ Trade Union (OWTU) -— the recognized majority union for workers employed by the company — about the future of UCL’s operations in Trinidad and Tobago.

At this point no decisions have been taken on the future path of the company and work continues as usual. The Company is developing strategies to respond to stiff competition from imported products, depressed market conditions and changes in consumer buying patterns.

UCL is optimistic that the contribution of all stakeholders would culminate in decisions that would work toward stabilizing the company. UCL looks forward to continuing engagement with the Union and other relevant parties in order to ensure a mutually beneficial outcome for all concerned.

Over the last several decades of operations in Trinidad and Tobago, UCL has contributed significantly to the social, educational and cultural development of this country, and is committed to fair treatment of its workers in accordance with established laws and Industrial Relations best practices.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 26th August, 2019