08:31 AM EDT, 10/24/2024 (MT Newswires) -- Unilever ( UL ) said Thursday it is taking a "drastic" approach in Indonesia as it has "long-standing issues" despite being an important market.

The company is eliminating pricing stability throughout different channels as it is "resetting" inventory levels in the whole channel landscape, Chief Executive Hein Schumacher said in a Q3 sales/trading statement call, according to the S&P CapIQ transcript.

"In Indonesia, we are making a significant intervention to address both portfolio and route-to-market challenges," Schumacher added. "This is not a quick fix, and we don't expect to see the benefits until well into next year, but we are determined to see this through."

The CEO said that Unilever ( UL ) is taking the "most drastic and the most significant intervention" in Indonesia.

After a "strong" H1, the Indonesian market had a negative effect on Oral Care that "decelerated" to low single-digit growth, Chief Financial Officer Fernando Fernandez said.

Shares of the company were up almost 3% in recent Thursday premarket activity.

Price: 62.39, Change: +1.75, Percent Change: +2.89