Unilever will cut 7,500 jobs globally as part of an overhaul aimed at saving around €800m (£684m) over the next three years.
With brands ranging from Marmite to Dove soap and Lynx deodorant, the consumer goods company employs 128,000 people worldwide, including 6,000 in the UK.
Unilever said it would discuss any job cuts with staff, but did not say where the cuts would be made.
It outlined a productivity program that will deliver approximately €800 million in cost savings over the next three years and announced plans to separate its ice cream business.
The sector accounts for five of the world’s 10 best-selling ice cream brands, including Wall’s, Magnum, and Ben & Jerry’s. He also manufactures Cornetto, Viennetta, Carte d’Or, and his Breyers, which are major in the United States.
A break-up of the division, which has annual sales of 7.9 billion euros, is the most likely outcome, but Unilever is considering other options. The company expects the spin-off to be completed by the end of 2025.
After the separation, Unilever will remain with four divisions: Beauty and Health, Personal Care, Home Care and Nutrition.
Ian Meekins, Chairman of Unilever, said: “Ice Cream Separation and the implementation of our productivity program will help create a simpler, more focused and better performing Unilever. We also have strong growth prospects and an exciting future as an independent business. , creating a world-leading ice cream business.”
Hein Schumacher, who succeeded Alan Jope and was appointed CEO in January 2023, said: “Based on our Growth Action Plan, we will do less, do more, and do more with more impact.” “We have been working hard to implement this,” he said.
After newsletter promotion
Matt Blitzman, equity analyst at Hargreaves Lansdown, said: “Unilever bids farewell to Ben & Jerry’s with plans to exit ice cream division…Shareholders expected action from the new team at the top, and that’s action.” Received today. Ice cream has always seemed like a novelty compared to other product lines and has been underperforming lately. This move isn’t a huge shock, but it’s something that previous management teams couldn’t pull off. ”
Unilever’s share price rose more than 5% on Tuesday morning after the announcement, making it the top gainer among the FTSE 100.
