Unilever to Merge Foods Division with McCormick, ABF Plans £75m Primark Spin-Off
Unilever announced plans to merge its foods division with McCormick & Co. Associated British Foods will demerge Primark and its food arm into two FTSE 100-listed companies by end-2027, incurring one-off separation costs of £75m.
1. Unilever Foods Division Merger
Unilever has agreed to merge its foods division with McCormick & Co., combining its portfolio with McCormick’s brands into a single publicly traded entity. Financial terms and a closing schedule have not been disclosed.
2. ABF Primark and FoodCo Demerger Details
Associated British Foods will execute a dividend demerger before end-2027, splitting Primark and FoodCo into two LSE-listed entities, incurring £75m in separation costs. Primark’s 486 stores across 19 markets generate £9.5bn in annual revenue with 83,000 employees; FoodCo, operating in 521 countries, generates £9.8bn revenue and employs 55,000.