Ben & Jerry’s and Magnum will form the core of an $8 billion ice cream company

Unilever announced Tuesday that it plans to spin off its ice cream unit as part of a drive to boost sales and profitability, which will also entail cutting around 6% of the workforce. After a century-long endeavor, Unilever now dominates the global ice cream market, with its brands sold around the world. “Following separation, Unilever will become a simpler, more focused company,” it said in a statement.

Today, it sells ice cream in more than 60 countries and commands almost a fifth of global ice cream sales, a bigger share than that of the next four biggest sellers combined, according to 2020 figures from market research firm Euromonitor. But its ice cream sales took a hit last year as cash-strapped consumers cut back on non-essential spending. “Ice cream had a disappointing year with declining market share and profitability,” Unilever said in an earnings statement.

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Unilever to cut 7,500 jobs and split off ice cream division, including Ben & Jerry'sUnilever, the giant company behind Ben & Jerry’s, Dove soaps, and Hellman’s mayonnaise, said it’s spinning off its ice cream business to try and reduce costs.
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