Unilever to spin off Magnum Ice Cream Company in mid-November this year

Singapore – Unilever plc today confirmed that its ice cream business will be spun off into a separate entity, The Magnum Ice Cream Company (TMICC), which is set to begin trading on the stock markets in Amsterdam, London and New York in mid-November 2025.

According to the company’s investor update, TMICC will be incorporated in the Netherlands, and Unilever will keep a minority stake of less than 20% after the demerger. The ice cream division, which generated about €7.9 billion in revenue in 2024, will be treated as a discontinued operation starting in the fourth quarter of 2025. 

A shareholder circular is scheduled for October, followed by full prospectuses roughly a week before the listing.

The move is part of Unilever’s broader strategy to streamline operations and focus on higher-margin businesses. TMICC is targeting annual organic sales growth of 3% to 5% beginning in 2026 and aims to achieve around €500 million in cost savings over the medium term by simplifying its supply chain and reducing overheads. 

Management has positioned the new company as a “pure-play” ice cream business with a portfolio that includes Magnum, Ben & Jerry’s, Cornetto, and Wall’s, representing just over 20% of the global ice cream market.

The demerger has not been without controversy. Ben & Jerry’s founders Ben Cohen and Jerry Greenfield have reiterated calls for their brand to be fully independent, expressing concern that its social mission could be diluted under the new structure. 

TMICC executives, however, have stated that Ben & Jerry’s will remain within the company and is not for sale. Analysts note that TMICC’s success will depend on its ability to meet growth targets in a highly seasonal, logistics-intensive market while balancing the commercial ambitions of its brands with the social values some of them espouse.