Loosely translated as the more that things change, the more they stay the same – this popular French phrase seems to capture the atmosphere in many parts of the world in the public sector and private enterprise and right here in our own surfactant value chain. This is not a negative evaluation. Things change all the time. The world changes and companies and business people must adapt. Or fail. Therefore don’t be surprised that companies restructure all the time. They must. In this column, we take a look at how five companies in the surfactant value chain are bringing about changes today in their businesses in response to changes in the environment, particularly regarding macroeconomic volatility, shifting demand patterns, inflationary pressures, geopolitical uncertainties, and the continuing need for operational efficiency in specialty chemicals markets. We consider five major players – Stepan Company, Dow Inc., Unilever, Evonik Industries, and Procter & Gamble – examining recent restructuring efforts, cost-saving targets, workforce reductions, and the financial impacts. Buckle up (s’attacher in French), there’s a lot going on here but if there wasn’t there’d ultimately be bigger problems.

Stepan implemented $13 million in pre-tax cost savings during Q4 2024 through operational efficiency improvements, representing 38% of its $50 million annual savings target (1). The company’s restructuring costs included $4.4 million in pre-commissioning expenses for its Pasadena alkoxylation plant and $2.9 million in Latin American tax reserves. Despite these charges, Stepan improved its net income position from a $1.2 million loss in Q4 2023 to a $3.4 million profit in Q4 2024, with EBITDA growing 39% to $35.8 million.

Dow announced aggressive cost-cutting measures in January 2025 targeting $1 billion in annual savings through:

• $500-$700 million reduction in purchased services/contract labor
• Elimination of 1,500 global positions (4% of workforce)
• $250-$325 million Q1 2025 restructuring charges (2)

The program follows a 2% year-over-year sales decline in Q4 2024, with Packaging & Specialty Plastics segment sales dropping 6%. Implementation costs of $20-$30 million will pressure 2025 earnings.

Evonik’s October 2024 restructuring (3) consolidated its previous four-division structure into Custom Solutions and Advanced Technologies, effective April 1, 2025.

Custom Solutions Focuses on innovation-driven niches (e.g., coatings additives, pharma ingredients) with 7,000 employees and €6B annual sales.
Advanced Technologies: Efficiency-driven businesses (high-performance polymers, hydrogen peroxide) with 8,000 employees and €6B annual sales.

There are also planned divestitures of €350 million in non-core sales The German specialty chemical maker expects to complete business exits by 2026, with immediate savings from reduced portfolio complexity.

Procter & Gamble’s restructuring efforts center on its $10 billion productivity program (2022-2025), which achieved $1.5 billion in annualized savings from Supply Chain 3.0 digitization initiatives as of 2025 (4). Key operational impacts include:

• Market Exits: Completed liquidation of Argentinian and Nigerian operations in Q1 2025, recording $966 million in non-cash restructuring charges ($216M Nigeria impairment in Q4 2024, $750M Argentina FX loss in Q1 2025) (5) 
• Manufacturing Efficiency: 99% reduction in retailer shipment processing time through automated check-ins (2.5 days → 10 minutes) 
• Margin Impact: Delivered 250bps gross productivity savings in Q4 2024, offsetting $500M FY2025 commodity/currency headwinds

Unilever’s restructuring program entered a critical phase on February 25, 2025, with the abrupt resignation of CEO Hein Schumacher after just 1.7 years in the role (versus FTSE 100 average CEO tenure of 5.5 years) (6). The leadership change follows investor pressure to accelerate execution of the company’s €800 million cost-cutting program (2024-2026), with Schumacher achieving 54% of workforce reduction targets (4,300 of 7,500 office roles eliminated by 2024). Incoming CEO Fernando Fernandez, previously CFO and head of the high-growth Beauty & Wellbeing division, inherits:

• €850 million in 2024 restructuring costs (1.4% of turnover) 
• €200 million annual savings from completed workforce optimization
• Pending separation of the €7.9 billion Ice Cream division through a three-way listing

Despite delivering 15% underlying operating profit growth and 2.3 percentage point margin expansion during Schumacher’s tenure, markets reacted negatively to the leadership transition with shares initially falling. Analysts note the board’s emphasis on “driving change at speed” reflects impatience with the pace of portfolio optimization, particularly delayed divestitures of non-core assets like The Vegetarian Butcher and Kate Somerville.

So, in conclusion, there’s a lot going on and if you are working in one of these companies you’ll feel it. My advice – see it as an opportunity for you and your business. If you can help solve problems, you’re bringing value and that requires change. As the French might say “Fais – le” (Just do it) otherwise “Celui qui hésite est perdu” (He who hesitates is lost).  Did the Unilever CEO hesitate? I’m not going to be a “Stratège du lundi matin» (Monday morning quarterback) on this but the UL board evidently thought so.