MW Ben & Jerry's maker set for listing on three exchanges as Unilever forecasts 'slower start'

By Steve Goldstein

Unilever on Thursday moved forward with its plan to separate its ice cream-making division, saying it will be listed on three stock exchanges.

The ice cream division will be listed on the stock exchanges of Amsterdam, London and New York, just as Unilever currently is.

The maker of Ben & Jerry's ice cream had first floated the idea of separating its ice cream business last year due to its distinct characteristics, such as needing a supply chain and point of sale that supports frozen goods, more seasonality and greater capital intensity.

The ice cream division, whose brands also include Wall's and Magnum, last year had the smallest operating margins of any of its divisions, at 11.8%, though it saw underlying sales growth of 3.7% thanks to a 1.7% rise in volume and a 2.1% gain in pricing.

Jean-Francois van Boxmeer, currently Vodafone's chair and previously Heineken's CEO, will be the chair designate for the company, which will be headquartered in Amsterdam.

Unilever overall reported 4% underlying sales growth in the fourth quarter - in line with analyst estimates, though reliant more on price than volumes than expected - as it expects sales growth for 2025 to be within a range of 3% to 5%.

It's expecting a "slower start" to 2025 but for growth to improve during the year due to price increases. Underlying operating margins will improve modestly from 18.4% in 2024.

Unilever shares (UK:ULVR) $(UL)$ skidded 6% in early trade.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

February 13, 2025 04:09 ET (09:09 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.