Unilever announces separation of its ice cream business

THE Unilever Group has announced its intention to separate its global ice cream business, including brands such as Ben & Jerry's, Breyers, Klondike, Magnum and Wall's.

In a notice to shareholders, published on the TT Stock Exchange website, Unilever said the decision followed the completion of a strategic review of its operations.

On July 1, the board of directors of Unilever Caribbean Ltd (ULC) approved the sale and transfer of the local ice cream business, along with all the necessary steps to effect the separation of the local ice cream business under its control.

According to the notice, the local ice cream business was transferred to a newly incorporated ice cream holding company, establishing a dedicated ice cream entity within the Unilever group, effective July 1.

"As part of the transfer, ULC relinquished all rights and interests in assets related exclusively to the local ice cream business. These include goodwill, locally owned unregistered intellectual property rights, rights under intellectual property contracts, domain names and social media accounts," the notice said.

It added that UCL will provide the new ice cream entity with certain intercompany services for a defined transitional period.