[UPDATED] Union asks Unilever: What’s our cut from Champs Fleurs factory sale?

UNION representatives speaking for the hundreds of furloughed workers from the now closed Unilever home-care factory in Champs Fleurs intend to reach the executive of the company to remind them of their promise to share any profits coming out of the closure of the factory. This, following the announcement of the completion of the sale of the now closed factory, made on Tuesday.

First vice-president of OWTU representing Unilever workers, Sati Gajadhar-Inniss told Newsday they intend to send a letter to the company reminding it of its responsibility to share profits in accordance to its bargaining agreement.

“The profit sharing aspect of the agreement mentioned that if it (Unilever) should get any revenue from any assets thereof, the workers should benefit.”

She added that, in July, when the company sold its tea business, ekaterra, to the CVC Capital Partners Fund VIII, workers also shared in the profit earned from the €4.5 billion deal.

Gajadhar-Inniss said, while Unilever had talked of parties being interested in buying the property in meetings, the union was not clued in as to who actually bought it.

“We knew that there was some equipment sold prior to the announcement because they said they were not getting back into the business. While we were discussing, staff even proposed buying shares in the company to help it sustain itself. They said they were planning to turn the compound into a distribution centre.”

Following the sale of its Champs Fleurs factory approved last year, Unilever announced a change in its address to Albion Plaza, third floor, 22-24 Victoria Avenue, Port of Spain.

According to its 2021 annual report, the properties for sale were related to factory, the warehouse and the land and buildings on the Champs Fleurs premises.

In the report, Unilever said the value of the equipment was $4.5 million, while the land and building was valued at $53.7 million.

The agreement set between Unilever and parties interested in the property was a sale and short-term lease-back transaction which would include a three-month lease so that Unilever could complete its production agreements.

Unilever stopped all its manufacturing and production operations in July.

Unilever also announced the appointment of Ignacio Segares as its new chairman and a board director effective December 31.

In a statement on Monday, the company said Segares has held leadership positions in its operations in several countries such as Costa Rica, Colombia and China, over the last 20 years.

Also appointed as directors with effect from December 31 are Daniela Maria Bucaro and Camilo Trujilo.

In a separate statement, the company announced the resignation of its former chairman Rodrigo Sotomayor from its board, effective December 30.

Also resigning from the board on that date are directors Jorge Enrique Rodriguez Espinosa and Fabio Murillo Bendeck.

In August, the company said it reported a $12.6 million loss for the first half of this year, ending June 30

Unilever provided this information in a statement attached to its unaudited financial statement for this period.

Sotomayor said the loss was a result of restructuring expenses incurred in the first half of this year. He recalled that Unilever had initiated a retrenchment exercise as a result of the expiration of its sole supply agreement and cessation of local manufacturing and related activities.

Apart from this, Sotomayor reported Unilever had a solid performance "managing to grow its operating profits for the quarter from $7.3 million in the prior year to $9.5 million and for the half year from $15.4 million to $16.6 million.

"This revenue growth was primarily driven by a robust performance in the local market across all categories with a strong rebound in the home care segment and foods categories in the export markets."

This story was originally published with the title
"Champs Fleurs factory sold, Unilever announces change of address" and has been adjusted to include additional details. See original post below.

Unilever announced a change in its address following the sale of its Champs Fleurs factory, approved last year.

In a media release on Tuesday the company said it has changed its address to Albion Plaza, third floor, 22-24 Victoria Avenue, Port of Spain.

“Following the sale of its property situated at Eastern Main Road, Champs Fleurs, the address of the registered office of the company was changed,” Unilever said in a release.

According to its 2021 annual report the properties for sale were related to the shut-down home care factory, the warehouse and the land and buildings on the Champs Fleurs premises.

In the report Unilever said the value of the equipment was $4.5 million, while the land and building was valued at $53.7 million.

The agreement set between Unilever and parties interested in the property was a sale and short-term lease-back transaction which would include a three-month lease so that Unilever could complete its production agreements.

Unilever stopped all its manufacturing and production operations in July.

Unilever also announced the appointment of Ignacio Segares as its new chairman and a board director effective December 31.

In a statement on Monday, the company said Segares has held leadership positions in its operations in several countries such as Costa Rica, Colombia and China, over the last 20 years.

Also appointed as directors with effect from December 31 are Daniela Maria Bucaro and Camilo Trujilo.

In a separate statement, the company announced the resignation of its former chairman Rodrigo Sotomayor from its board, effective December 30.

Also resigning from the board on that date are directors Jorge Enrique Rodriguez Espinosa and Fabio Murillo Bendeck.

In August, the company said it reported a $12.6 million loss for the first half of this year, ending June 30

Unilever provided this information in a statement attached to its unaudited financial statement for this period.

Sotomayor said the loss was a result of restructuring expenses incurred in the first half of this year. He recalled that Unilever had initiated a retrenchment exercise as a result of the expiration of its sole supply agreement and cessation of local manufacturing and related activities.

Apart from this, Sotomayor reported Unilever had a solid performance "managing to grow its operating profits for the quarter from $7.3 million in the prior year to $9.5 million and for the half year from $15.4 million to $16.6 million.

"This revenue growth was primarily driven by a robust performance in the local market across all categories with a strong rebound in the home care segment and foods categories in the export markets."