Unilever to cut 7,500 jobs, spin off its ice cream business in bid to reduce costs

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Unilever said its ice cream business has ‘distinct characteristics’ from its other brands and would benefit from separate ownership to increase growth

Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits.

Unilever said it will invest in technology to find efficiencies and avoid duplication that it anticipates will help it save €800-million over the next three years. The company also laid off 1,500 staffers in early 2022. “The share price bounce goes some way in reversing what has been a difficult last year, as investors have fretted over a company with limited high growth prospects and in need of streamlining despite its reputation as a solid defensive play,” said Richard Hunter, head of markets for interactive investor, an online investment service.

Some analysts pointed out that splitting from Ben & Jerry’s, which is known for social activism that has put it at odds at times with its corporate owner, could have an added upside for Unilever. Ben & Jerry’s has supported liberal issues like LGBTQ+ rights, Black Lives Matter, justice for migrants and efforts to fight climate change.

 

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