Unilever said that the spinoff of its ice cream division is on track to be completed by the end of the year, with a potential initial public offering (IPO) to take place in Amsterdam.
“The ice cream business will be incorporated in the Netherlands and will continue to be headquartered in Amsterdam,” said the company.
“This decision follows a full review by the board of separation options, focused on maximising returns for shareholders, setting the ice cream business up for success and execution certainty by the end of 2025.”
The shares will also be listed in London and New York, where Unilever shares are currently traded.
Meanwhile, Unilever has appointed Jean-Francois van Boxmeer as chair designate for the separated ice cream business.
Currently, Van Boxmeer serves as chair at Vodafone Group and as a nonexecutive director at Heineken Holding NV, where he held the CEO position for 15 years.
The update comes as Unilever publishes its full-year financial report, showing its net income fell 10.8 per cent to €6.4 billion (US$6.69 billion) and turnover rose 1.9 per cent to €60.8 billion.
Beauty and wellbeing sales grew 5.5 per cent to €13.2 billion and ice cream sales increased 4.5 per cent to $8.3 billion. Home care climbed 1.4 per cent to €12.3 billion while foods jumped 1.1 per cent to €13.4 billion.
Personal care declined 1.5 per cent to €13.6 billion.
