Unilever Spins Off Ice Cream Business Including Ben & Jerry's

Global consumer goods group Unilever is spinning off its ice cream division, including Ben & Jerry's. The company will also implement restructuring measures, including job cuts.

[Image source=EPA Yonhap News]

Economic media outlet CNBC and others reported on the 19th (local time) that Unilever will spin off its ice cream division and cut 7,500 jobs. The spin-off is planned to be completed by the end of next year. Whether the division will be sold or go public after the spin-off has not been decided. However, the WSJ reported that an initial public offering is the most likely option.

Unilever stated, "Through this measure, we will become a 'simpler and more focused company' with four distinct business segments across beauty and wellbeing, personal care, home care, and nutrition." The ice cream division recorded sales of 7.9 billion euros last year, representing an increase of around 2% compared to the previous year. This division accounted for about 13% of Unilever's total sales of 59.6 billion euros.

Along with this, Unilever estimated that cost savings of 800 million euros will be achieved over the next three years through job cuts and other measures. Unilever's total workforce is approximately 128,000 employees.

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