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(Bloomberg) — Unilever Plc will freeze hiring globally for three months as it grapples with higher costs due to the Iran war.
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The move will be in addition to the maker of Dove soap’s wider cost-cutting including reducing headcount and changing bonus structures. It also comes with Unilever in advanced talks to sell most of its food business to US spices maker McCormick & Co. The hiring freeze was first reported by Reuters late Monday.
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“Reflecting the uncertain external environment, we have decided to put in place a temporary pause on our recruitment,” a spokesperson said in a statement. “We remain an agile business and will always adjust our plans as necessary.”
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Consumer companies are facing soaring costs due to the conflict in the Middle East, as freight and ocean liners add surcharges to move goods due to surging energy prices. Plastic packaging and ingredients for products including detergent and shampoo are also becoming more expensive to produce.
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Unilever could be especially vulnerable to the Iran war, Morgan Stanley analyst Sarah Simon said in a note last week, because its ambitious volume growth targets rely on countries such as India — a nation highly exposed to the increased costs and lower availability of liquefied natural gas.
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Chief Executive Officer Fernando Fernandez inherited a major cost-cutting drive when he took over last year. His predecessor laid out plans to save €800 million ($918 million) in three years by losing 7,500 jobs, and Fernandez has said he wants to cut around 200 managers to tackle “mediocrity” in the company.
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Unilever is also transforming to focus solely on growth areas like beauty and personal care. The sale of its food unit to McCormick could be announced as soon as Tuesday, the company said. Unilever already spun off its ice cream business into a standalone company, Magnum Ice Cream Co.
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