Unilever to Spin Off Its Ice Cream Unit, Cut 7,500 Jobs for Cost Savings

Unilever said on Tuesday it would spin off its ice cream unit, home to popular brands such as Magnum and Ben & Jerry’s, and cut 7,500 jobs in a new cost-savings programme.

Investors cheered the plan, sending shares in Unilever, one of the world’s biggest consumer goods companies, up nearly 6% at one point.

The spinoff will begin immediately and is expected to complete by the end of 2025, London-listed Unilever said. The ice cream business is “in the process of moving to a separate head office in Amsterdam” but CEO Hein Schumacher said on a call with journalists that he was “open to options” regarding where it could list.

Read the source article at Yahoo Finance