Latest news with #TMICC
Yahoo
31-07-2025
- Business
- Yahoo
Unilever: Ice cream success boosts sales but profit drops
Unilever has announced a drop in profit amid expensive disposals and unfavourable currency moves. Turnover at the FTSE100 firm, which owns brands like Dove, Colman's and Persil, was €30.1bn, down 3.2 per cent year on year. Sales rose 3.4 per cent in the first half of the year, helped by a strong performance in Unilever's ice cream arm, which the consumer goods giant has spun off and will list later this year as part of its simplification plan. The standalone, listed firm will called The Magnum Ice Cream Company (TMICC), which will house brands like Magnum and Ben & Jerry's. Unilever will retain a 20 per cent stake in TMICC for up to five years. Turnover in the ice cream arm, which accounts for 15 per cent of sales, grew 5.9 per cent to €4.6bn, although underlying operating profit dropped 2.2 per cent. Led by Peter ter Kulve as CEO, the company will have a triple listing, with Amsterdam as the primary listing location and London and New York as secondary listings. The restructuring costs associated with the demerger have been estimated at around €850m. Food, home care, personal care and beauty sales – which each account for around 20 per cent of turnover – grew 2.2 per cent, 1.3 per cent, 4.8 per cent and 3.7 per cent, respectively. Underlying operating profit fell in every segment except food, with underlying earnings per share down 2.1 per cent to €1.59. Unilever focuses on productivity savings Unilever said its productivity plan 'remains ahead'. The company plans to deliver €650m of savings by the end of 2025 and €150m of savings in 2026. Previous boss Hein Schumacher's growth plan was born in a challenging period in which the giant faced lower returns as shoppers tightened their belts amid the cost of living crisis. Restructuring costs from the plan reached €239m in the first half of the year, a slight decrease from €248m in the prior year. For the full year, Unilever expects restructuring costs of around 1.4 per cent of turnover. Free cash flow in the first half of 2025 was €1.1bn, versus €2.2bn delivered in the first half of 2024, due to the cost of separating its ice cream arm and lower profit. For 2025, Unilever expects underlying sales growth to be between three and five per cent, with second-half growth ahead of the first half despite subdued market conditions. CEO Fernando Fernandez said: 'Our first half performance positions us well for the full year. In the second half, we expect further acceleration in emerging markets, particularly in Asia, and sustained momentum in developed markets. 'We are on track to demerge Ice Cream by mid-November, with the operational separation now complete and competitive performance improving. 'Looking ahead, our priorities are clear: more Beauty & Wellbeing and Personal Care; disproportionate investment in the US and India; and, a sharper focus on premium segments and digital commerce.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Exclusive-Unilever proposes Peter ter Kulve as CEO of ice cream spin-off
By Jessica DiNapoli and Richa Naidu NEW YORK/LONDON (Reuters) -Unilever has named its preferred candidate to lead the group's soon-to-be listed ice cream division, proposing Peter ter Kulve, who has previously faced criticism from the board of its Ben & Jerry's business. Ter Kulve, a longstanding Unilever executive who is president of The Magnum Ice Cream Company (TMICC), is expected to receive TMICC board approval next month for his appointment as CEO, said a spokesperson for parent Unilever, ahead of a planned Amsterdam listing this year. TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, which has been publicly at odds with ter Kulve and its parent company in recent years. Representatives for Ben & Jerry's and its independent board did not respond immediately to requests for comment. Unilever declined to comment on the implications of ter Kulve's proposed appointment. Ben & Jerry's was acquired by Unilever in 2000 for $326 million in a deal that included a unique clause allowing the brand to maintain its own independent board of directors with authority over its social mission while Unilever controlled operational and financial decisions. The acrimonious relationship between the Ben & Jerry's board and ter Kulve, who has headed Unilever's ice cream business since 2024, included a November lawsuit against Unilever that accused the company of silencing attempts by Ben & Jerry's to express support for Palestinian refugees and end military aid to Israel. TMICC generated turnover of 8.3 billion euros ($9.6 billion) in 2024. It controls 20% of the global ice cream market, according to Barclays, which estimates that Ben & Jerry's is the world's third-largest ice cream brand by sales, behind Magnum and General Mills' Haagen-Dazs. About 60% of Ben & Jerry's sales come from the United States, Barclays said. "Ben & Jerry's and Magnum are the two key premium brands for the Magnum Ice Cream Company," said Barclays analyst Warren Ackerman. "Investors will want reassurance that there will not be any further fallout ... but with the legal dispute still ongoing, there is still some tail risk in our view." ($1 = 0.8655 euros) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
17-06-2025
- Business
- Yahoo
Exclusive-Unilever proposes Peter ter Kulve as CEO of listed ice cream unit
By Jessica DiNapoli and Richa Naidu LONDON (Reuters) -Unilever said on Tuesday that it has proposed its soon-to-be listed ice cream business will be led by Peter ter Kulve, whom the Ben & Jerry's board has accused in lawsuits of "eye-popping" ignorance and muzzling its social purpose policies. "Approval of the full board of The Magnum Ice Cream Company by the Unilever board is anticipated in July 2025," a Unilever spokesperson said in an emailed statement. Ter Kulve, who is currently the ice cream business' president, would become CEO of the Magnum Ice Cream Company (TMICC) that will list in Amsterdam by the end of the year. TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, Cornetto and Wall's, and generated turnover of 8.3 billion euros ($9.59 billion) in 2024. The news deals a blow to the independent board of Ben & Jerry's, which has in recent years been publicly at odds with ter Kulve and its parent company. A representative for the board did not immediately respond to a request for comment. A spokesperson for Ben & Jerry's did not immediately respond for comment. ($1 = 0.8655 euros)
Reuters
17-06-2025
- Business
- Reuters
Exclusive: Unilever proposes Peter ter Kulve as CEO of listed ice cream unit
LONDON, June 17 (Reuters) - Unilever said on Tuesday that it has proposed its soon-to-be listed ice cream business will be led by Peter ter Kulve, whom the Ben & Jerry's board has accused in lawsuits of "eye-popping" ignorance and muzzling its social purpose policies. "Approval of the full board of The Magnum Ice Cream Company by the Unilever board is anticipated in July 2025," a Unilever spokesperson said in an emailed statement. Ter Kulve, who is currently the ice cream business' president, would become CEO of the Magnum Ice Cream Company (TMICC) that will list in Amsterdam by the end of the year. TMICC is home to six of the world's top 10 ice cream brands, including Ben & Jerry's, Cornetto and Wall's, and generated turnover of 8.3 billion euros ($9.59 billion) in 2024. The news deals a blow to the independent board of Ben & Jerry's, which has in recent years been publicly at odds with ter Kulve and its parent company. A representative for the board did not immediately respond to a request for comment. A spokesperson for Ben & Jerry's did not immediately respond for comment. ($1 = 0.8655 euros)
