5 May 2008 - Unilever has launched project 'Chrysalis' in Rotterdam. The project is in fact purely an “internal reorganisation of management responsibilities within Unilever's European regional management”, Unilever spokesman Gerbert van Genderen Stort informed FLEXNEWS.
The project sees the establishment of a team in Rotterdam which is responsible for the management of some local brands currently being produced in the UK, France, Germany and Sweden.
According to van Genderen Stort, the team is charged with maximising the value of these brands by managing their marketing and sales aspects.
The brands being managed by the Chrysalis team account for around 1% of Unilever's turnover.
The Unilever spokesman, however, stressed the fact that their inclusion does not signal any intention to either retain or dispose in the future.
Responding to previous reports in the press, he said: “We are not 'spinning off' and we are not 'transferring', but rather managing a small number of local jewel brands in Europe in a different way to maximise value creation”.
The ‘Times’ on Wednesday said that by moving the management of these brands to the Chrysalis team, Unilever is actually raising the chances of selling them.
The paper said that 14 European food brands were involved, including popular British brands Bovril and Peperami.
Analysts at Citigroup told the paper that the move could be a precursor to the sale of the brands.
They said: "We believe that an eventual disposal of the brands within Chrysalis is likely. Why else transfer a number of smaller and local brands to a separate company? We struggle to think of a reason."