Share Name Share Symbol Market Type
Unilever PLC EU:UNA Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.205 -0.43% 47.65 47.65 47.655 47.925 47.53 47.795 536,902 13:20:49

Unilever, Genomatica Launch $120 Million Venture to Develop Palm Oil Alternative

16/06/2022 1:39pm

Dow Jones News

Unilever (EU:UNA)
Historical Stock Chart

From May 2022 to Nov 2022

Click Here for more Unilever Charts.

By Michael Susin


Unilever PLC said Thursday that it has launched a new venture with U.S.-based biotech company Genomatica to develop an alternative product to palm oil and fossil-fuel derived ingredients that are used in everyday cleaning and personal-care products.

The Anglo-Dutch multisector retailer--which owns consumer brands such as Ben & Jerry's ice cream and Dove soap--and Genomatica are investing $120 million between them in the venture. The companies also expect other investors to join them.

The decision comes amid increasing inflationary pressures on raw materials and supply-chain issues. When reporting first-quarter earnings, Unilever said it had increased prices by an average of 8.3%. Those higher prices resulted in some softening of consumer demand, with overall volumes declining 1%, it said at the time.

"This new venture will sit at the intersection of science and sustainability, meaning we can continue to grow our business without relying only on palm oil or fossil fuel derivatives, while also making our supply chains more resilient from having access to ingredient alternatives," Unilever's Chief Research and Development Officer Richard Slater said Thursday.


Write to Michael Susin at


(END) Dow Jones Newswires

June 16, 2022 08:24 ET (12:24 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

1 Year Unilever Chart

1 Year Unilever Chart

1 Month Unilever Chart

1 Month Unilever Chart
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221129 02:55:10