Unilever to spin off ice cream unit, cut 7,500 jobs for cost savings
Unilever announced it would spin off its ice cream unit, which includes brands like Magnum and Ben & Jerry’s, into a separate entity and cut 7,500 jobs as part of a new cost-saving initiative. The spinoff is set to be completed by the end of 2025. Unilever aims for mid-single-digit underlying sales growth and modest margin improvement post-split. The company also plans to save around 800 million euros over the next three years. The job cuts, mostly office-based, represent about 5.9% of Unilever’s workforce of approximately 128,000 people. Shares in the company rose 5.4% in early trading following the announcement.