Unilever announces €600m of virus relief measures
By Sean Farrell
Date: Tuesday 24 Mar 2020
(Sharecast News) - Unilever has announced €600m (£554m) of donations and support for suppliers to help reduce the impact of the coronavirus crisis.
The maker of Dove soap and Magnum ice cream said it could contribute €100m of soap, sanitiser, bleach and food to help combat the pandemic. The donation includes €50m of soaps and sanitiser to the World Economic Forum's Covid action platform, which supports global health organisations and agencies.
Unilever said it would adapt its manufacturing to make sanitiser for use in hospitals, schools and other institutions and offer products and handwashing education to local communities through health authorities and NGOs.
The FTSE 100 company also said it would offer €500m of cashflow relief for businesses in its supply chain. Unilever will pay vulnerable small and medium sized suppliers early to help with liquidity and extend credit to some small retail customers to help them manage and protect jobs.
The company said it would protect its 150,000 workers from sudden drops in pay from market disruption or not being able to work. The measures will cover employees, contractors and others who work on its sites, whether full- or part-time.
Alan Jope, Unilever's chief executive, said: "The world is facing its greatest trial in decades. We hope that our donation ... will make a significant contribution towards protecting people's lives, and that by helping to safeguard our workers' incomes and jobs, we are giving some peace of mind during these uncertain times. Our strong cash flow and balance sheet mean that we can, and should, give this additional support."
Unilever joins a list of companies offering help to combat the coronavirus pandemic. Diageo has donated up to 2m litres of alcohol to make hand sanitiser for healthcare workers and luxury goods maker LVMH is using its perfume production lines to make sanitiser.
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