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Unilever PLC's (LSE:ULVR) plan to scoop out its Ben & Jerry's, Walls and Magnum ice cream division as a separately listed company is a "clear positive step" towards making the company grow faster, said analysts at Barclays, and could bring questions about other parts of the conglomerate. The fourth-largest group in the FTSE 100 said on Tuesday morning that it plans to dispose of the ice cream business, most likely as a standalone company but with other options on the table too.
Shares of Unilever Plc (UL) rose nearly 3% in pre-market trading Tuesday after the consumer products giant announced plans to separate Ben & Jerry's and its other ice cream brands such as Magnum into a stand-alone business, as part of a restructuring that could affect around 7,500 jobs.
Unilever (NYSE: UL ) will undergo layoffs and cut about 7,500 jobs. It plans on spinning off its ice cream business in the process.
Unilever announced Tuesday that its cutting jobs worldwide and plans to spin off one of its business units and slims down operations to drive productivity.
Uniliever, the conglomerate that bought Ben & Jerry's in 2000, said Tuesday that it plans to move its ice-cream brands into a stand-alone division.
Unilever shares rose 4% on Tuesday after the company announced plans to cut thousands of jobs worldwide and spin off its ice cream business that includes brands like Ben & Jerry's and Magnum, part of a three-year strategy to streamline the British company in the hope it will accelerate growth and boost returns for shareholders.
Consumer goods giant Unilever said Tuesday that it is separating its ice cream unit, which includes Ben & Jerry's and Magnum, as part of a restructuring plan that will impact 7,500 jobs.
Unilever PLC (LSE:ULVR) has announced a major operational overhaul through the separation of its multibillion-dollar ice cream portfolio and the termination of 7,500 firm-wide staff members. “Ice cream has a very different operating model, and as a result the board has decided that the separation of ice cream best serves the future growth of both ice cream and Unilever,” the British multinational FMCG group said in a statement.
Unilever on Tuesday said it may spin off the ice cream-unit that produces Ben & Jerry's as the multinational consumer goods company said it expects to slash 7,500 jobs globally.
Shares in Unilever PLC (LSE:ULVR) fell 1.8% after Morgan Stanley (NYSE:MS) downgraded stock in the maker of Marmite and Dove soap, citing a slew of headwinds. Adjusting the price target from 4,100p to 3,775p, the American investment bank moved its recommendation to 'underweight' from 'equal-weight'.