Unilever to separate ice cream business, sack 7,500 staff in major overhaul
Proactive Investors
Published Mar 19, 2024 09:11
Unilever to separate ice cream business, sack 7,500 staff in major overhaul
Proactive Investors - Unilever PLC (LON:ULVR) has announced a major operational overhaul through the separation of its multibillion-dollar ice cream portfolio and the termination of 7,500 firm-wide staff members.
“Ice cream has a very different operating model, and as a result the board has decided that the separation of ice cream best serves the future growth of both ice cream and Unilever,” the British multinational FMCG group said in a statement.
Unilever’s ice cream portfolio includes some of the most recognisable names in confectionery, including Wall’s, Ben and Jerry’s and Magnum. The business turned over approximately €7.9 billion (£6.7 billion) in 2023.
“The separation of ice cream and the delivery of the productivity programme will help create a simpler, more focused, and higher performing Unilever,” said chairman Ian Meakins. “It will also create a world-leading ice cream business, with strong growth prospects and an exciting future as a standalone business."
Initial separation of the business will start immediately, with full separation expected to be completed by the end of 2025.
Unilever has also launched a “productivity programme” that will see 7,500 team members lose their jobs. Restructuring costs are expected to be around 1.2% of total turning for the next three years.
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