• Mon. Apr 15th, 2024

Unilever plans to spin off Ben & Jerry’s and Magnum ice cream business

BySamantha Johnson

Mar 20, 2024
Unilever plans to spin off Ben & Jerry’s and Magnum ice cream business

Unilever is restructuring its business by separating its ice cream division, which includes popular brands like Ben & Jerry’s and Magnum, into a standalone business. This move is aimed at improving profits, with the company announcing plans to cut around 7,500 office-based jobs globally. It is unclear whether these job cuts will affect Vermont, where Ben & Jerry’s is headquartered in South Burlington.

The restructuring is expected to result in cost savings of approximately $870 million over the next three years. Following the announcement, Unilever’s share price increased by more than 5%. The company has been under pressure from activist investors to make changes, with its stock price declining by about 6% in the past year.

According to Unilever, the decision to separate the ice cream business is based on the unique characteristics and needs of the industry compared to its other operations. The company aims to focus on higher growth and margins to deliver better results for its stakeholders.

Ian Meakins, chair of Unilever, stated that the company is committed to transforming into a higher-performing business. The separation of the ice cream division is expected to simplify and focus Unilever’s operations, creating a stronger and more competitive business in the ice cream industry.

Unilever’s ice cream division reported sales of $8.5 billion in 2023. For more information or inquiries, contact Dan D’Ambrosio at 660-1841 or ddambrosi@gannett.com. Follow him on Twitter @DanDambrosioVT. Your support as readers makes this coverage possible.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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