DOCSLIB.ORG

Article Review

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Article Review AN ANALYSIS OF UNILEVER THROUGH IVO ZANDER’S INNOVATION NETWORK TAXONOMY - BASED ON ARTICLE: HOW DO YOU MEAN ‘GLOBAL’? AN EMPIRICAL INVESTIGATION OF INNOVATION NETWORKS IN THE MULTINATIONAL CORPORATION By: Laura Cerri and Virpi Nieminen On April 18th, 2008 Solvay Business School – Université Libre de Bruxelles Course Assignment for R&D in Multinational Enterprises Professor Michele Cincera Table of Contents Introduction .......................................................................................................................... 3 Article Summary .................................................................................................................. 3 Methodology ................................................................................................................ 5 Results .......................................................................................................................... 7 Conclusion ................................................................................................................... 8 The case of Unilever ............................................................................................................ 9 History and Key Facts ...................................................................................................... 9 R&D Spending and Patents ............................................................................................. 9 Analysis of Unilever’s R&D according to Ivo Zander’s article .................................... 10 Introduction ................................................................................................................ 10 Unilever’s degree of diversification and duplication ................................................. 13 Unilever’s position in the taxonomy .......................................................................... 14 Conclusion ................................................................................................................. 18 Findings and Conclusion .................................................................................................... 18 Bibliography ...................................................................................................................... 20 Introduction Current literature recognizes the continuing boom in the dispersion of technological capabilities, as well as its advantages, but it fails to explore the differences in the resulting international innovation networks. The article summarized attempts to fill in the gap by identifying different types of innovation networks and at the same time, examining how the preconditions for exploiting dispersion may vary across firms. The resulting taxonomy consists of four different classifications of innovation networks across industries and corporations, based on the degree of duplication and diversification of advanced technological capabilities. The objective of the article is to shed light on the nature of technological capability dispersion, instead of the traditional approach of studying the coordination of dispersion. In the second part of the essay, Unilever is analyzed with the article functioning as a theoretical framework. Finally, the last section of Findings and Conclusion will summarize the key findings expressed in the article by Zander in light of the case of Unilever presented. Article Summary Recent literature has emphasized the geographical dispersion of technological capabilities as an important addition to internationalization strategies. In reality, a correlation between internationalization and the dispersion of technological capabilities exists, as expansionary activities have resulted in a higher level of technological capabilities transferred abroad in order to exploit internationally dispersed resources. Other benefits of geographical dispersion arise from enhanced flexibility, growth, and the formation of new innovation processes within the corporation. With dispersion, traditional innovation routines tend to be replaced by globally integrated innovation projects. Two different types of global innovation projects have been identified in practice. The first one is called cross-fertilization between geographically dispersed units, where units engage in similar types of innovation activities and benefit from knowledge exchange. The second type involves integration and recombination of distinct technological capabilities into new products and systems. Previous literature simply associated growth and dispersion of technological capabilities with increased international experience, commitment to foreign markets, and centrifugal forces boosting technological activity among foreign units. Expansion practices depend on product characteristics and industry affiliation, while the degree of dispersion of technological capabilities depend on management attributes towards internationalization, strategy, and the amount of operational and technological freedom of foreign units. More importantly, dispersion depends on market conditions at the critical time of foreign expansion, and opportunities to merger and acquisition. Some of these influencing factors are very company specific, causing significant variance in the degree of technological capabilities dispersed. Even within the same industry. With the traditional approach to R&D only minor activities, such as technology transfer or technological support, were allocated to foreign units, while the bulk of the research remained in the country of origin. This approach can be summarized with the home-base exploiting and home-base augmenting taxonomy, already discussed in class. With this strict coordination, costly duplication of efforts was effectively avoided, but these multinationals did just as effectively deprive themselves of growth and innovation synergy. Dispersion of technological capabilities now tends to follow the dispersion of sales and manufacturing operations. Innovation activities are hence expected to develop from local-to-local to global-to-global. In other words, before innovation was leveraged by adapting local products to other local markets. Now global, flexible links harness innovation synergy, scope economies, and worldwide learning. Names describing these new globally linked units are “internationally interdependent laboratories” and “global creators”. Against previous believes, duplication of capabilities is not always counterproductive, nor a sign of redundancy or lack of control. On the contrary, it can lead to innovation synergy through knowledge exchanges and project transfers. Methodology The taxonomy consists of two dimensions, duplication and diversification, that determine the classifications of the innovation networks. Note that these dimensions were drawn from previous literature and correlate with the afore-mentioned global innovation projects: cross-fertilization and recombination of technologies. The definitions of the dimensions are as follow: • International duplication of technological capabilities occurs when geographically dispersed units maintain capabilities in the same field of technology. • International diversification of technological capabilities occurs when geographically dispersed units represent unique fields of technological expertise. The two dimensions give an indication of the growth and internationalization of technological capabilities, as well as the type of leverage the firm exercises. The four classifications that form the taxonomy are as follow: • Home-centered firms retain the majority of their advanced technological capabilities in the country of origin. Some duplication or diversification may still exist, but no significant advantages are derived from dispersed research efforts. • Internationally duplicated firms have strengthened technological capabilities abroad, but foreign units are involved in the same technological field as home. Duplication may have resulted from technology transfer or foreign acquisition. Innovation activities involve the multinational as a whole, and the firms enjoy enhanced flexibility and knowledge exchange. • Internationally diversified firms exercise a strict division of labor, where all foreign units are specialized in a given technology. Activity might be geared towards local demand, but more often than not they are a part of a world product mandate with worldwide responsibility for selected components or products. Advantages include growth opportunities and a capacity to integrate and recombine different technologies into new products or systems. • Dispersed firms have shifted technological capabilities abroad the most with complex structures of both duplication and diversification. They have built the preconditions for cross-fertilization and knowledge sharing on a worldwide basis. The two dimensions selected for the taxonomy are easily calculated for each company using U.S. patents as indicators of advanced technological capabilities. The reason for selecting U.S. patents derives from the fact that they reflect high-quality inventions and reveal the nationality of the inventor. Patents records also divide technological inventions into 400 classes and subclasses, enabling narrow classifications of a firm’s capabilities and to analyze the changes in the geographical location. The measurement for duplication takes into account both the number of locations in which the firm is active and the distribution of technological activity across those locations. To even out fluctuations, patenting activity was aggregated
Load more

Recommended publications
  • P&G and Unilever
    Global Strategy Advisors. Challenging boundaries and beyond February 19, 2006 Unilever Unilever House, Blackfriars London EC4P 4BQ, United Kingdom Sent Via Electronic Mail RE: Strategy Analysis Ladies and Gentlemen: At the request of the Board of Directors of Unilever, we provide herein our analysis of the Personal Products Industry and a strategy analysis of both Unilever and its biggest competitor, Procter & Gamble. The enclosed analysis also provides recommendations for Unilever to improve its competitive advantage. Respectfully submitted, GSA Procter & Gamble, Unilever and the Personal Products Industry Global Strategy Advisors Lee Ann Graul, Sherry Henricks, Steve Olp and Charlene Strohecker University of Maryland, University College AMBA 607 February 19, 2006 Table of Contents 1. Executive Summary i 2. Industry Analysis-Personal Products Industry 1 a. Introduction 1 b. Industry Defined 1 c. Historical Data Analysis 2 d. Major Competitors 3 e. Trends and Industry Outlook 3 f. Strategic Challenges and Opportunities 5 g. Industry Conclusions 5 3. Procter & Gamble and Unilever 6 a. Competitor Analysis: P&G 6 b. Competitor Analysis: Unilever 8 c. Strategy P&G 10 i. Business Level 10 ii. Global 11 iii. E-Business 13 iv. Corporate 14 d. Strategy: Unilever 15 i. Business Level 15 ii. Global 16 iii. E-business 17 iv. Corporate 19 e. Conclusions and Recommendations 20 4. Appendices 22 A. SIC Code 2844 and Industry Description 22 B. Global Personal Products Industry, Market Segmentation 24 C. Personal Products Industry, Five Force Analysis 25 D. Global Personal Products Industry, Market Share 30 E. Market Growth 31 F. Producer Price Index (PPI) for SIC 2844 32 G.
    [Show full text]
  • No. 86 LAGOS- 3Rd November, 1965 ~ Vol. 52
    Extraordinary No. 86 LAGOS- 3rd November, 1965 ~ Vol. 52 CONTENTS ea Page Applications for Registration of Trade Marks we - .e .- .- .. 1756-95 Registration Renewed and Restored .. %. 1796 Unpaid Renewal Fees .. we . .. .. .- 1796-98 Trade Marks Removed from the Register through non-payment of Renewal Fees .. .. «L798 Cancellation on applications of the Proprietors _ .. .. ot .. - .. -. 1798 Applications amendedafter Advertisement .. oe . oe oe 1» ae «1798 Trade Marks altered under Section 41 .. .. .. o. .- .- ee fae -. 1799 cSrsections .- -. .- - oe. a . .- oe . -- 1799 ahs 1756 OFFICIAL GAZETTE EXTRAORDINARY No. 86, Vol. 52 Government Notice No. 2035 VICOLL Trade Marks Act (Chapter 199) 15036—Wood-glue and other goods included in APPLICATIONS FOR REGISTRATION OF the class. FARBWERKE HOECHST AKTIEN- ; TRADE MARKS GESELLSCHAFT, vormals Meister Lucius and Bruning, Frankfurt/Main; Manu- Pursuait to section 17 of the Trade Marks Act facturers/Merchants. notice is hereby given that applications have been - 11th July, 1963. received for registration of the following Trade Marks. Y person who has grounds of opposition to the registration of any of the marks advertised herein may within three months from the date hereof give notice to the Registrar of such opposition. Such notice must be in writing and in duplicate and set out grounds of opposition. NAFTIL 15078—Chemical products for industry and science. PECHINEY-PROGIL (S.A.) a French Com- pany duly organized and existing under Crass f the laws of France, No. 7, Rue Lamennais, Paris 8, France. MELONIA 28th January, 1964. 13883—-Industrial fragrance chemicals. ROCHE PRODUCTS LIMITED, 40 Broadwater Road, Welwyn Garden City, Hertfordshire, Crass 2 England ; Manufacturers and Merchants.
    [Show full text]
  • Unilever (Breyer's & Good Humor) Using Genetical
    Unilever (Breyer’s & Good Humor) Using Genetical by Paris Reidhead more and more consumers want to choose unadulterated food, it’s disappoint- Summary: ing to see Unilever investing in this unnecessary development in overly Genetically-modified fish proteins in Breyer’s Ice Cream processed food.” Unilever, the British-Dutch global consumer marketing products giant, is On July 4, 2006, Prof. Cummins wrote in the GM Watch website: the largest producer of ice cream and frozen novelties in the U.S. Unilever’s (http://www.gmwatch.org/archive2.asp?arcid=6706) brands sold in the U.S. include Breyer’s ice cream, Ben & Jerry’s ice cream, that Unilever has been selling GM ice cream in the U.S., with FDA approval. Klondike ice cream bars, and Popsicle products. Unilever’s Good Humor is a major producer of ice cream bars and other frozen Specifically: Breyer’s Light Double-Churned, Extra Creamy Creamy novelty products mainly targeted to young children. The applications for approval Chocolate ice cream, as well as a Good Humor ice cream novelty bar, contain of GM ice cream have all ignored the impact of GM ice cream on children. the genetically-modified fish “antifreeze” proteins. In the FDA GRAS (Generally Recognized As Safe) application, Unilever’s scientists have patented, and the company is using ice cream Unilever’s main focus of safety was the allergenicity of the ice structuring pro- products sold in the U.S., Australia and New Zealand, “antifreeze” protein sub- tein from the pout fish. The main test was to examine effect of the ice structur- stances from the blood of the ocean pout (a polar ocean species).
    [Show full text]
  • Unilever Annual Report 1994
    Annual Review 1994 And Summary Financial Statement English Version in Childers Unilever Contents Directors’ Report Summary Financial Statement 1 Financial Highlights 33 Introduction 2 Chairmen’s Statement 33 Dividends 4 Business Overview 33 Statement from the Auditors 12 Review of Operations 34 Summary Consolidated Accounts 26 Financial Review 29 Organisation 36 Additional Information 30 Directors & Advisory Directors Financial Highlights 1994 1993 % Change % Change at constant atwrrent a* cOnSt.3nf exchange rates exchange rates exchange rates Results (Fl. million) Turnover 82 590 83 641 77 626 6 8 Operating profit 7 012 7 107 5 397 30 32 Operating profit before excepttonal items 7 294 6 763 6 8 Exceptional items (187) (1 366) Profit on ordinary activities before taxation 6 634 6 700 5 367 24 25 Net profit 4 339 4 362 3 612 20 21 Net profit before exceptional items 4 372 4 406 4 271 -~mpy~21 E Key ratios Operating margin before exceptional items (%) 8.7 8.7 Net profit margin before exceptional items (%) 5.3 5.5 Return on capital employed (%) 16.7 15.7 Net gearing (%) 22.7 24.8 Net interest cover (times) 12.2 12.8 Combined earnings per share Guilders per Fl. 4 of ordinary capital 15.52 12.90 20 Pence per 5p of ordinary capital 83.59 69.45 20 Ordinary dividends Guilders per Fl. 4 of ordinary capital 6.19 5.88 5 Pence per 5p of ordinary capital 26.81 25.03 7 Fluctuations in exchange rates can have a significant effect on Unilever’s reported results.
    [Show full text]
  • Corporate Venturing: the Origins of Unilever's Pregnancy Test
    This article was downloaded by: [Harvard College] On: 07 January 2013, At: 13:10 Publisher: Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Business History Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/fbsh20 Corporate venturing: the origins of Unilever's pregnancy test Geoffrey Jones a & Alison Kraft b a Harvard Business School b University of Nottingham Version of record first published: 04 Jun 2010. To cite this article: Geoffrey Jones & Alison Kraft (2004): Corporate venturing: the origins of Unilever's pregnancy test, Business History, 46:1, 100-122 To link to this article: http://dx.doi.org/10.1080/00076790412331270139 PLEASE SCROLL DOWN FOR ARTICLE Full terms and conditions of use: http://www.tandfonline.com/page/terms-and-conditions This article may be used for research, teaching, and private study purposes. Any substantial or systematic reproduction, redistribution, reselling, loan, sub-licensing, systematic supply, or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date. The accuracy of any instructions, formulae, and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand, or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material. 461bh05.qxd 28/11/03 08:23 Page 100 Corporate Venturing: The Origins of Unilever’s Pregnancy Test GEOFFREY JONES Harvard Business School ALISON KRAFT University of Nottingham The relative ability of different sizes of firm and organisational designs to develop and sustain dynamic capabilities in innovation and create new businesses remains a matter of contention.
    [Show full text]
  • Transcold Appoints Marco Felicella As Director of Sales
    FOR IMMEDIATE RELEASE Contact: Janine Oss 604-888-0360 [email protected] D irect S tore D eliveries TransCold Appoints Marco Felicella as Director of Sales June 10, 2018 - Delta, BC - Marco Felicella, formerly Unilever Customer Team Leader, has been appointed as Director of Sales in Canada for TransCold Distribution Ltd. As Director, Marco is responsible for providing strategic sales leadership and direction to grow revenue and market share in Canada. He will drive efforts to secure new business, meet and exceed sales targets and lead the execution of vendor programs and campaigns. Marco brings to this role over twenty years of experience within the consumer-packaged goods industry and more specifically, deep knowledge and experience in the ice cream business and related markets, having worked with Unilever for the last ten years. Beginning as Unilever Key Account Manager for 7-11, Shell Canada and TransCold, Marco was promoted first to the role of Regional Business Manager, then Customer Team Leader responsible for overseeing Key Account Managers for Overwaitea Food Group, London Drugs, HY Louie, Buy Low Marco Felicella, Director of Sales Foods, AG Foods and Vancouver Island accounts. Prior to TransCold Distribution Ltd. Unilever, he worked with Pepsi Bottling Group - as National Key Account Manager and Territory Sales Manager with responsibility for Overwaitea Food Group, AG Foods, IGA and Chevron. Marco’s appointment is key to enhance TransCold’s positioning in the Canadian market and in the successful execution of existing and future revenue growth plans. About TransCold Distribution Ltd. & Inc. TransCold Distribution is the premier wholesale supplier and distributor of ice cream, frozen foods and dry goods throughout Western Canada and the United States.
    [Show full text]
  • Black Internationalism and African and Caribbean
    BLACK INTERNATIONALISM AND AFRICAN AND CARIBBEAN INTELLECTUALS IN LONDON, 1919-1950 By MARC MATERA A Dissertation submitted to the Graduate School-New Brunswick Rutgers, the State University of New Jersey In partial fulfillment of the requirements For the degree of Doctor of Philosophy Graduate Program in History Written under the direction of Professor Bonnie G. Smith And approved by _______________________ _______________________ _______________________ _______________________ New Brunswick, New Jersey May 2008 ABSTRACT OF THE DISSERTATION Black Internationalism and African and Caribbean Intellectuals in London, 1919-1950 By MARC MATERA Dissertation Director: Bonnie G. Smith During the three decades between the end of World War I and 1950, African and West Indian scholars, professionals, university students, artists, and political activists in London forged new conceptions of community, reshaped public debates about the nature and goals of British colonialism, and prepared the way for a revolutionary and self-consciously modern African culture. Black intellectuals formed organizations that became homes away from home and centers of cultural mixture and intellectual debate, and launched publications that served as new means of voicing social commentary and political dissent. These black associations developed within an atmosphere characterized by a variety of internationalisms, including pan-ethnic movements, feminism, communism, and the socialist internationalism ascendant within the British Left after World War I. The intellectual and political context of London and the types of sociability that these groups fostered gave rise to a range of black internationalist activity and new regional imaginaries in the form of a West Indian Federation and a United West Africa that shaped the goals of anticolonialism before 1950.
    [Show full text]
  • CYCLE 1 South East
    e d i s y r t n u o c & t s a o c / m o c . l a r r i w t i s i v . w w w 3 k l a W - e l a d s n i b b i D WALK 3 Eastham & Bromborough CYCLE 1 South East A circular walk linking Eastham Country Park cutting was an old railway line, used to transport products to 12 Head straight on, up a flight of steep steps and across Starting and finishing at Eastham Country Park, 5 The cyclepath continues along Stadium Road for with Dibbinsdale Local Nature Reserve. and from Port Sunlight Soap Works and the river. the railway bridge. this cycle ride takes you to the unique village of PORT SUNLIGHT VILLAGE approximately 390 metres (0.25 mile) where opposite, 4 Continue along this track, under the A41. After the 13 Having either crossed the railway bridge from the Port Sunlight where you can enjoy a ride around Map you will see the path sweeps around to the right, away Start: Eastham Country Park or Bromborough Rake from the road and down a slope, before it turns back on cycleway runs parallel with the road for about 150 metres, woods or having arrived by train at Bromborough Rake the Village, taking in the architecture, museum Railway Station. take the exit to the left. The cycleway continues straight Railway Station, leave the railway station ticket office itself and under Stadium Road. Follow this Distance: 5.5 miles. 2 - 5 hours. on to Port Sunlight.
    [Show full text]
  • Case Study: Unilever1
    CASE STUDY: UNILEVER1 1. Introduction Unilever is a British-Dutch company that operates in the market of consumer goods and sells its products in around 190 countries. Another remarkable fact is that they own more than 400 brands, what means an important diversification in both risk and the products they sell, among which there is food, personal care products and cleaning agents. In fact, twelve of these brands have sales of more than a billion euros. The importance of this multinational is reflected too in the fact 2.5 billion people use Unilever products every day, being part of their daily life. They also are responsible for the employment of 161,000 people in the different countries they operate. Finally, they believe in a sustainable business plan in which they reduce the environmental footprint and increase their positive social impact at the time they keep growing. 2. History Unilever was officially formed in 1929 by the merger of a margarine Dutch company and a British soapmaker. The margarine company of Netherlands was also a merger between the first margarine factory called in the world and another factory of the same product and from the same city, Oss, in the Netherlands. The soapmaker company revolutionized the market because it helped to a more hygienic society and the manufacturing of the product was wrapped. The name of the company is a fusion between the Dutch firm called Margarine Unie and the British firm called Lever Brothers. What Unilever did, was to expand its market locations to the American Latin and Africa. Moreover they widened the product areas to new sectors such as particular food and chemical products.
    [Show full text]
  • School of Business and Economics
    A Work Project, presented as part of the requirements for the Award of a Master Degree in Management from the NOVA – School of Business and Economics. Ben & Jerry’s: Introducing linked prosperity to a multinational INKEN PAPENFUSS MASTER STUDENT NUMBER: 31491/ 4126 A Project carried out on the Master in Management Program, under the supervision of: Professor Luis Rodrigues 02.01.2019 1 Ben & Jerry’s: Introducing linked prosperity to a multinational Abstract: Ben & Jerry’s, a company with an iconic social reputation, introduced a new concept called linked prosperity to the business world, which put corporate social responsibility at the core of the company values and underscored it with concrete actions. It was able to preserve and continue most of its mission even after being acquired by the multinational Unilever. This master thesis provides insights into the history of the company, the take-over by Unilever and the difficulties emerging from the acquisition. Through a case study format, students will be able to learn about the once clashing company cultures of the two firms and how the values of Ben & Jerry’s spread to Unilever and the business world. Key words: Ben & Jerry’s, Unilever, Linked Prosperity, Corporate Social Responsibility 2 Table of Contents 1. Introduction .......................................................................................................................... 4 2. Case narrative ....................................................................................................................... 4 Founding
    [Show full text]
  • Business Groups Exist in Developed Markets Also: Britain Since 1850
    Business Groups Exist in Developed Markets Also: Britain since 1850 Geoffrey Jones Working Paper 16-066 Business Groups Exist in Developed Markets Also: Britain Since 1850 Geoffrey Jones Harvard Business School Working Paper 16-066 Copyright © 2015 by Geoffrey Jones Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Business groups exist in developed markets also: Britain since 1850 Geoffrey Jones Harvard Business School November 2015 Abstract Diversified business groups are well-known phenomenon in emerging markets, both today and historically. This is often explained by the prevalence of institutional voids or the nature of government-business relations. It is typically assumed that such groups were much less common in developed economies, and largely disappeared during the twentieth century. This working paper contests this assumption with evidence from Britain between 1850 and the present day. During the nineteenth century merchant houses established business groups with diversified portfolio and pyramidal structures overseas, primarily in developing countries, both colonial and independent. In the domestic economy, large single product firms became the norm, which over time merged into large combines with significant market power. This reflected a business system in which a close relationship between finance and industry was discouraged, but were there few restrictions on the transfer of corporate ownership. Yet large diversified business groups did emerge, which had private or closely held shareholding and substantial international businesses. The working paper argues that diversified business groups added value in mature markets such as Britain.
    [Show full text]
  • 1972 Annual Report and Account
    UNILEVER Report and accounts UNILEVER N.V. Directors G. D. A. Klijnstra, chairman G. E. Graham E. G. Woodroofe, vice-chairman C. T. C. Heyning A. W. J. Caron, vice-chairman H. F. van den Hoven A. I. Anderson J. J. H. Nagel M. R. Angus M. Ormerod W. B. Blaisse D.A. Orr E. Brough E. Smit J. G. Collingwood A. W. P. Stenham R. H. Del Mar S. G. Sweetman J. P. Erbe The Viscount Trenchard J. M. Goudswaard K. H. Veldhuis Advisory directors H. S. A. Hartog R. Mueller J. H. van Roijen H. J. Witteveen Secretaries C. Zwagerman H. A. Holmes Auditors Price Waterhouse & Co. Cooper Brothers & Co. A special survey of part of Unilever’s Food and Drinks activities is issued as a supplement to this Report. Unilever Unilever comprises Unilever N.V., and manufacturers of timber the combined affairs of N.V. and Rotterdam (N.V.) and Unilever products, in diverse industrial Limited are more important to Limited, London (Limited) and ventures, and in the operation of shareholders than the separate their respective subsidiary an ocean fleet. Unilever also has affairs of either company. companies which operate in more interests in plantations. than seventy countries and are The Report and Accounts as usual mainly engaged in the manufacture N.V. and Limited have identical combine the results and operations and sale of a wide variety of goods Boards of Directors and are linked of N.V. and Limited. for household use. The principal by agreements, including an products are foods (including Equalisation Agreement which This is a translation of the original margarine, other fats and oils; requires dividends and other rights Dutch report.
    [Show full text]