27-02-2025
Ben & Jerry's founders discuss buying back ice cream brand
'As confirmed during our 2024 FY results announcement, we are on track to separate the ice cream business by way of a demerger,' a spokesperson for Unilever said in an emailed statement. 'Ben & Jerry's is an important part of the ice cream business, and it's not for sale.'
Unilever shares traded down 0.7% shortly after 10 a.m. Thursday in London, mainly due to the stock trading without the right to a dividend.
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A representative for Cohen and Greenfield declined to comment.
Unilever has been pursuing a spinoff of its ice cream business as part of a cost-cutting drive. Chief Executive Officer Hein Schumacher, who was replaced by Chief Financial Officer Fernando Fernandez in a surprise ouster this week, had been working on splitting off the ice cream unit and improving its performance.
The company is planning for the spinoff to go public primarily in Amsterdam, with secondary listings in London and New York. The US is the biggest market for Unilever's ice cream brands, which also include Breyers and Magnum.
Cohen and Greenfield, who started their Burlington, Vermont-based company in 1978, agreed to sell Ben & Jerry's to Unilever in 2000 for $326 million. In addition to whimsical flavors such as Cherry Garcia, Chubby Hubby and Bohemian Raspberry, their brand became associated with progressive, social justice issues.
The deal gave power over the social mission of Ben & Jerry's to an independent board, which has continued to pursue those concerns, sometimes to the consternation of Unilever. The two sides have been fighting since 2021, when Ben & Jerry's said it would halt sales in the West Bank. Unilever has since sold its ice cream unit in Israel to a local producer.
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With assistance from Paul Jarvis.
