Helena Lyng Blak
8 weeks ago

Ben & Jerry's to spin off

Unilever announces demerger from its ice cream unit.
Ben & Jerry's Ice Cream on the Shelf of a Local Grocery Store
Arne Beruldsen / Shutterstock.com

On Tuesday, multinational consumer goods company Unilever announced its plan to separate its ice cream business, which includes brands such as Ben & Jerry's and Magnum, resulting in the elimination of 7,500 jobs.

According to Bloomberg, Unilever stated that the unit had generated €7.9 billion ($8.6 billion) in sales in 2023, but its profit margins were significantly lower than those of the company's personal care division.

The spinoff will commence immediately, with Unilever expecting completion sometime in 2025.

Investors appeared to welcome Unilever's decision. The company's shares were up by more than 5% in early trading, as reported by Reuters.

Unilever, a global leader in consumer goods, boasts over 400 brands, including Dove and Ben & Jerry's. Operating in more than 190 countries, the company emphasizes sustainability and ethical practices. Unilever aims to make sustainable living commonplace, addressing challenges related to health, hygiene, and environmental impact.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

3 days ago Europe Market Open: May 17, 2024 - European Stocks Start Lower Daily update from the European market open.
3 days ago Will Europe cut rates before US? Analyst Ulrik Simmelholt from Steno Research argues that the ECB should initiate rate cuts without fearing wider real rates spread with the USD, emphasizing the importance of commodity prices and energy dependencies over monetary policy in determining Euro strength.
3 days ago Crypto, Currently: May 17, 2024 - Mixed Signals in the Crypto Market Daily update the cryptocoin market.
3 days ago FX Daily: May 17, 2024 - Key Currency Movements and Analysis Daily update from the foreign exchange markets
4 days ago China Exporting Inflation Again: Global Markets on Alert Analyst Andreas Steno from Steno Research warns that China's rising industrial production and strategic resource stockpiling could trigger global inflationary pressures and impact market dynamics.
4 days ago EU Designates Booking as Gatekeeper; Opens Investigation Into X EU cracks down on Booking under Digital Markets Act, investigates other tech giants.
4 days ago Freddie Mac Proposes Unleashing Trillions to Stimulate US Consumption As U.S. excess savings diminish, Freddie Mac's new proposal might unlock vast consumer potential—could this be the spark for the next economic boom?