Separated Unilever Ice Cream Business Will be Headquartered in Amsterdam
In their year-end financial conference call Feb. 13, Unilever officials said the company’s ice cream business – which had a good 2024 – will continue to be headquartered in Amsterdam after it is spun off later this year, will be incorporated in the Netherlands and its shares will be listed on stock exchanges in Amsterdam, London and New York, the same three exchanges on which Unilever PLC shares are currently traded.
“Today, we have set out the progress we are making towards the demerger of the business by the end of 2025,” said CEO Hein Schumacher. “This includes the appointment of a highly experienced chair designate, Jean-Francois van Boxmeer. Currently chair of Vodafone and previously CEO of Heineken, Jean Francois brings vast knowledge of the consumer goods industry, as well as considerable experience as a non-executive.”
Unilever has been saying since March 2024 the ice cream business, which accounts for approximately 16% of Unilever’s global sales, will be demerged into a separate company. Peter ter Kulve apparently will remain president of CEO of the group.
In 2024, ice cream delivered 3.7% underlying sales growth, totaling €8.3 billion [$8.6 billion as of 12/31/24] with a return to volume growth at 1.6% and 2.1% from price. The fourth quarter alone saw underlying sales growth of 4.3%, with balanced volume and price.
“Ben & Jerry’s and Wall’s were our fastest-growing brands in the category,” said Schumacher. “Ice cream’s improved performance in 2024 reflects operational improvements across much of our business, including enhancements to our supply chain, go-to-market strategy, and promotional activities.”
The segment’s success came despite some sharp increases in commodity costs, primarily cocoa and dairy.
Unilever officials said the complicated separation process is proceeding on schedule and should be complete by the end of this year, but ice cream’s results will be reported within the bigger company for all or most of 2025.
