Unilever Retains Stake in Spun-Off Ice Cream Empire
Unilever will maintain a stake of less than 20% in its ice cream division, which is set to be spun off as a listed company in Amsterdam in November. The newly independent Magnum Ice Cream Company includes top brands like Magnum, Ben & Jerry's, and Cornetto.
Unilever announced on Thursday that it plans to retain a minority shareholding in its ice cream division, which will be spun off into an independent, publicly-traded entity based in Amsterdam by mid-November. The company will hold less than 20% of shares for up to five years.
The division, known as the Magnum Ice Cream Company, received its independence within Unilever in July and is home to several popular brands, including Magnum, Ben & Jerry's, Cornetto, and Wall's. These brands collectively contribute significantly to the revenue, with Magnum being a notable flagship product.
The spin-off is led by Peter ter Kulve, who serves as CEO, overseeing the transition into a standalone business. This strategic move is aimed at maximizing Unilever's growth opportunities in the international ice cream market.
(With inputs from agencies.)
Google News