Unilever completes Magnum ice cream spin-off as shares begin trading

The Magnum Ice Cream Company (TMICC) debuts as a standalone business today following completion of its separation from Unilever, creating the world’s largest independent ice cream company, with brands including Ben & Jerry’s, Cornetto, and Wall’s. 

Unilever completed the demerger on Friday, and TMICC shares are expected to start trading today in Amsterdam, with secondary listings in London and New York.

The split was first announced in March 2024, when Unilever said it would spin off the ice cream division and cut 7,500 jobs. The move is part of a wider €800 million (US$850 million) restructuring aimed at simplifying the business.

The newly independent company brings together some of the world’s best-known ice cream brands. The portfolio also includes Breyers, Klondike, and Kwality Wall’s in India. Unilever is keeping a stake of less than 20%, which it plans to sell gradually to cover separation costs and maintain capital flexibility.

Unilever’s board said ice cream has a fundamentally different operating model from the rest of the business. The category requires specialized cold-chain infrastructure and seasonal production patterns that don’t align with other divisions. The board concluded that separation would allow both businesses to pursue more focused growth strategies.

Magnum demerger process

The process faced delays when the US government shutdown, which began in October, prevented the Securities and Exchange Commission from processing the registration statement needed for the New York Stock Exchange listing. 

Unilever revised its timetable but remained committed to completing the demerger in 2025, and confirmed the December 6 completion date in early November once regulatory processes resumed.

The ice cream business has been performing well. Unilever reported 3.7% sales growth for the ice cream unit in the third quarter, and the broader productivity program is ahead of schedule. CEO Fernando Fernandez, who took over from Hein Schumacher earlier this year, has focused the company on Unilever’s “power brands.”

From the fourth quarter onwards, Unilever will report ice cream as a discontinued operation. The company will also implement a share consolidation to maintain comparability of share price, earnings per share, and dividends after the demerger.

Ice cream market dynamics 

The market climate is positive for the new company. Innova Market Insights tracking shows solid year-over-year growth in ice cream product launches between April 2023 and March 2025 in the US and Canada, with premium and indulgent claims showing particular strength. Consumer research indicates snacking formats like cones and bars have been growing as demand for convenient, portable options increases.

Premium positioning is gaining traction. Innova’s tracking shows that launches with premium and indulgent claims have been climbing year-over-year. Around two in ten consumers globally now consider low- or reduced-sugar content when buying ice cream, according to the global market researcher.

As a standalone business, TMICC can now make decisions tailored specifically to the ice cream category rather than aligning with Unilever’s broader portfolio strategy.