Anglo-Dutch consumer goods giant Unilever has pledged to help customers and suppliers that are struggling because of the Covid-19 outbreak.
In an announcement today, the Marmite and Ben & Jerry’s ice cream maker said it will offer EUR500m (US$541.5m) of cash flow relief to “support livelihoods across its extended value chain”.
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Unilever said it will make early payments to its most vulnerable small and medium-sized suppliers, to help them with financial liquidity and extend credit to selected small-scale retail customers whose business relies on Unilever, to help them manage and protect jobs.
The company said it will also protect its workforce from sudden drops in pay, as a result of market disruption or being unable to perform their role, for up to three months.
CEO Alan Jope said: “We are deeply saddened by the terrible impact that coronavirus is wreaking on lives and livelihoods everywhere. The world is facing its greatest trial in decades. We have seen the most incredible response from the Unilever team so far, especially those on the front line of our operations in factories, distribution centres and stores.”
He added: “Our strong cash flow and balance sheet mean that we can, and should, give this additional support.”
