British-Dutch multinational company Unilever is looking to cut its product portfolio by 30% by the end of 2014, in a move to become more efficient and reverse its global slowdown.
The company also said that it is set to eliminate 2,000 jobs as part of the initiative.
Reuters quoted Unilever CEO Paul Polman as saying, "The global economy has calibrated down about 1-1.5 percent and we probably should've done a better job seeing it coming.
"We're using that opportunity to step up the performance and drive new energy into the organization."
Unilever plans to save €500m ($683m) in 2014, following the layoffs this year. This would help the company improve supply chain and make its processes more efficient.
Polman added, "The overall portfolio is perhaps not as robust yet as some of our competitors, but you have to deal with the deck of cards you've been given."
Unilever CFO Jean-Marc Huet said that the company will sell off most of its brands in the food business rather than the personal care side.
The company is working to improve its spreads business, as it has been suffering from consumer perception that margarine is less natural over butter. It has launched new margarine products in Germany and US.
Polman noted, "After more than 15 years of share declines ... in the last few months, we're actually seeing our share at least go in the right direction."
In addition, the company is also focusing on higher-growth markets in Africa and Latin America, new channels like drug stores and convenience stores, and developing more premium products.
