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Unilever to wave goodbye to Magnum and Ben & Jerry’s

Consumer goods giant Unilever is planning to offload its ice cream business, mainly comprising Magnum and Ben & Jerry’s. Ice cream brought in €7.9bn in revenue last year.

Unilever also says it has identified “additional efficiencies” to generate €800m of savings over the next three years including cutting 7,500 jobs. Unilever employs about 128,000 people.

Chair Ian Meakins says: “Sharpening our portfolio is key to delivering the improved results we believe Unilever can achieve.” The company has been under pressure from shareholder and now director Nelson Peltz to improve its performance. It now has a new CEO in Hein Schumacher.

Unilever sold its tea business to private equity’s CVC for £4.5bn in 2022. Its remaining brands include Axe (Lynx), Dove, Hellmann’s, Knorr, Lifebuoy, Lux, Omo (Persil), Rexona, Sunlight, Sunsilk and Marmite.The company is now organised into five business groups: Beauty & Wellbeing, Personal Care, Home Care, Nutrition, and Ice Cream.

Interpublic’s MullenLowe is the long-serving agency for Magnum.

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