Unilever’s standalone ice cream division is set for secondary listings in London and New York, alongside its primary listing on Euronext Amsterdam.
In May 2024, the FMCG giant announced its decision to separate its ice cream business, which encompasses popular brands such as Ben & Jerry’s and Magnum, from its overall operations.
Despite a lawsuit filed by Ben & Jerry’s against Unilever in November 2024—accusing the parent company of stifling the ice cream maker’s advocacy efforts regarding Palestine and a call for a ceasefire in Gaza—Unilever confirmed that the separation process is on schedule for completion by year-end.
The new headquarters for the standalone ice cream business will be in Amsterdam, following the relocation from its previous office in Rotterdam.
Jean-Francois van Boxmeer has been named as the chair designate for the demerged ice cream division. He is currently chairing Vodafone Group and continues as a non-executive director of the Dutch holding company for Heineken.
“Francois brings a wealth of experience both as a non-executive and as an executive operating within the consumer goods industry,” stated Unilever.
This announcement coincided with Unilever’s full-year results for 2024, revealing a turnover increase of nearly 2% to €60.8 billion.
The ice cream division specifically reported a turnover of €8.3 billion, reflecting a 4.5% growth compared to 2023. In contrast, Unilever’s broader food unit saw a turnover increase of 1.1%, reaching €13.4 billion.
Commenting on the company’s strategic direction for food and beverage assets, Unilever CEO Hein Schumacher remarked: “We continue to sharpen our portfolio, allocating capital to premium segments by acquiring scalable brands in attractive markets and announcing the divestment of local food brands such as Unox and Conimex, as we focus our Foods portfolio on cooking aids and condiments categories.”
On the ice cream separation, Schumacher further noted: “The separation of ice cream remains on track and we are making good progress on the key workstreams. We announce today the appointment of the chair designate for the demerged ice cream business and details of the listing structure.”
