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Unilever is to split off its ice cream business and has announced plans to cut €800mn of costs in a move that will affect 7,500 staff.
Splitting off the ice cream business would give it the “operational and financial flexibility to grow”, Unilever said on Tuesday. The business owns brands including Wall’s, Magnum and Ben & Jerry’s and had €7.9bn of revenue last year.
Unilever, which employs about 128,000 people, also said that it had identified “additional efficiencies” that would generate €800mn of savings over the next three years.
The maker of Marmite, Hellmann’s, Dove soaps and cleaning products such as Domestos and Cif said it would continue to optimise its portfolio in its remaining four business groups “through brands with global reach or significant potential to scale”.
This is a developing story.
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