Unilever PLC is targeting mid-November to complete the demerger of its ice cream business, creating a standalone company that will house brands such as Magnum and Cornetto.
The consumer goods giant said the operational separation of the unit was completed on July 1, and the new entity will be named The Magnum Ice Cream Company.
It will be led by Peter ter Kulve as Chief Executive Officer and Abhijit Bhattacharya as Chief Financial Officer, the company said.
"We are on track to demerge Ice Cream by mid-November, with the operational separation now complete and competitive performance improving," Chief Executive Officer Fernando Fernandez said in a statement.
The company said the move will transform Unilever into a more focused organization.
The ice cream business reported underlying sales growth of 5.9% in the first half of 2025, with volume growth of 3.8%, which the company attributed to strong innovations and improved execution.
Unilever plans to retain a stake of less than 20% in the new company for up to five years following the spinoff.
According to the company, the retained stake will be sold down over time to pay for separation costs and reduce net debt.
The Magnum Ice Cream Company will hold a Capital Markets Day for investors in London on Sept. 9 to outline its business strategy.
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