Overview
- Unilever, in a letter reported Tuesday by Reuters, imposed an immediate global hiring freeze for at least three months due to risks from the Iran conflict.
- A deal announced Tuesday between Unilever and McCormick values most of Unilever’s food unit at $44.8 billion and pays $15.7 billion in cash plus McCormick securities worth about $29.1 billion.
- Unilever would hold 65% of the combined business, which will keep the McCormick name and leadership, with closing targeted for mid-2027 pending shareholder and regulatory approvals.
- The company has pursued a three‑year €800 million savings plan since 2024 that includes about 7,500 roles, and it spun off its ice cream arm to focus on brands like Dove, Axe and Rexona.
- The freeze covers hiring at all levels and reflects weaker demand and trade strains linked to the Iran war, while the food carve‑out excludes some markets such as India.