UNILEVER plans to spin off its ice cream unit, home to popular brands such as Magnum and Ben & Jerry’s, into a standalone business, as the consumer goods group announced a new cost-savings programme on Tuesday that would impact 7,500 jobs.
The spin off will begin immediately and is expected to complete by the end of 2025, the London-listed company said.
Unilever aims to deliver mid-single digit underlying sales growth and modest margin improvement after the split, it said in a statement, to become a “simpler and more focused company”.
The company launched a programme expected to deliver total cost savings of around 800 million euros ($869 million) over the next three years, and the proposed changes would impact around 7,500 roles globally, with total restructuring costs now anticipated to be around 1.2% of its turnover during the period. – Reuters