Unilever, the manufacturer of Marmite, Knorr and Colman's mustard, has chosen Rotterdam over London for its headquarters.
The decision has been made as the company changes its dual-headed structure, which spanned the UK and the Netherlands, to become a single legal entity.
At the same time, Unilever will split its business into three divisions, beauty & personal care, home care and foods & refreshment. The first two divisions will be based in London and the third in Rotterdam.
The company insisted its decision was "not about Brexit" and said no jobs will be lost in the move.
Marijn Dekkers, chairman of Unilever: "Unilever's board is fully committed to delivering long-term performance and sustainable value for shareholders. The board believes the move to three divisions and the simplification of our corporate structure will create a simpler, more agile and more focused company with increased strategic flexibility for value-creating portfolio change.
"Our decision to headquarter the divisions in the UK and the Netherlands underscores our long-term commitment to both countries. The changes announced today also further strengthen Unilever's corporate governance, creating for the first time in our history a ‘one share, one vote' principle for all our shareholders."
The manufacture of Unilever products in the UK and the Netherlands and supply will not be affected by the decision.
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