U.S. Govt. Shutdown Delays Unilever Ice Cream Spinoff
Unilever is delaying the spinoff of Magnum Ice Cream Co. “as a result of the ongoing U.S. federal government shutdown.” But the parent firm still thinks it will happen this year.
“The revision of the timetable has arisen because the U.S. Securities and Exchange Commission is currently unable to declare effective the U.S. registration statement required for The Magnum Ice Cream Company N.V. shares to be admitted to listing and trading on the New York Stock Exchange,” the diversified multinational said in its filing with the SEC today (Oct. 21).
Unilever has been preparing the business – which includes Magnum products around the world and Ben & Jerry’s and Klondike in the U.S. – for demerger for a year and a half and had anticipated a mid-November spinoff. The business already has been established and is working mostly independent of its parent.
Unilever Spinning Off Ice Cream Business, Cutting 7,500 Jobs | Food Processing
“The preparatory work for the demerger is on track and progressing well, and Unilever remains committed to and confident of implementing the demerger in 2025,” today’s announcement said.
The $8.6 billion business will become the world’s largest ice cream company. Magnum Ice Cream Co. 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.
Separated Unilever Ice Cream Business Will be Headquartered in Amsterdam | Food Processing
About the Author
Dave Fusaro
Editor in Chief
Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.