A family visits attractions at the Ben & Jerrys factory in Waterbury, Vermont, on June 24, 2021.
Christina Botick | The Boston Globe | Getty Images
consumer goods giant Unilever The company said Tuesday it will spin off its ice cream division, which includes Ben & Jerry’s and Magnum, as part of a restructuring plan that will affect 7,500 jobs.
“The proposed changes are expected to impact approximately 7,500 primarily office-based roles globally, with total restructuring costs now expected to be around 1.2% of group turnover over the next three years (up from the previously announced 1% of group turnover) (around),” a statement said.
The company said the restructuring will begin immediately and is expected to be completed by the end of 2025. Total cost savings are expected to be approximately €800 million ($868.3 million).
Unilever said the restructuring would make it “a simpler, more focused company” with four distinct business units spanning beauty and health, personal care, home care and nutrition.
Shortly after the news was announced, Unilever’s share price rose 4.9% at 8:03 London time.
This is a breaking news story, please check back soon for more information.
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