Magnum-owner to cut jobs and split off ice cream

Marmite and Dove soap-owner Unilever is to cut about 7,500 jobs worldwide. It is part of an extensive three-year cost-saving plan. The cuts are expected to take place in Europe, the U. S.

and the Middle East. Unilever said the shake-up would help it to #34;do fewer things better. The group also said it would split off its ice cream business which includes the Wall#39;s, Ben amp; Jerry and Magnum brands. The spin-off will start immediately and should be completed by the end of 2025.

Unilever said the business had less in common with its other consumer product lines because it needed a frozen goods supply chain. The unit is most likely to be shed in a demerger, which would mean current shareholders receiving shares in a newly listed entity. Shares in Unilever rose 5% following the announcement. It looks like a demerger will be the choice, says Mr Britzman.

Investors can then decide whether they want to keep the new ice cream business or sell into the market. The group said it was not ruling out other options, such as a direct sale of the business.