Unilever to layoff 7,500 workers, spin-off Magnum, Ben & Jerry’s ice cream products

Unilever, the owners of Dove, Axe and several ice cream brands, announced Tuesday that it will be cutting 7,500 jobs and separating its ice cream companies.

>> Read more trending news

The company has 128,000 employees and will launch what it called a “productivity program” that will help cut thousands of workers, mostly in office-based jobs, The Associated Press reported. Unilever, which is based in Europe, has three locations in North America — in Englewood Cliffs, New Jersey; Trumbull, Connecticut; and Toronto. It also has offices in South America, Africa, the Asia-Pacific and the Middle East.

The company said it will use technology to find efficiencies and get rid of duplication to save $867 million over three years.

This is not the first time Unilever has laid off workers. It did so in 2022, getting rid of 1,500 employees.

In addition to the thousands of jobs cut, the company is also looking to split off its ice cream businesses immediately, Reuters reported. It will be moved to an office in Amsterdam.

“Great news for shareholders regarding the ice cream division as it has been a drag on the business as a whole for some time, share price should respond accordingly this morning,” Jack Martin, an Oberon Investments manager said, according to Reuters.

The new company will have several of the best-selling ice cream brands: Ben & Jerry’s, Magnum, Breyers, Walls and Cornetto, CNN reported.

Unilever’s history with ice cream started in 1913 when Thomas Wall sold it from his family’s London butcher shop. Lever Brothers, the company that would eventually become Unilever, purchased Wall’s company in 1922.

Unilever also produces Knor, Hellmann’s, Lifebuoy and Axe, among the nearly 30 companies in its portfolio.

© 2024 Cox Media Group