06:32 AM EDT, 03/19/2024 (MT Newswires) -- Unilever ( UL ) said Tuesday that it plans to spin off its ice cream unit and cut 7,500 jobs under a new plan to rein in costs.

The consumer goods company said the separation of the ice cream business is expected to be completed by the end of next year.

Unilever ( UL ) said a productivity program that would impact thousands of roles from the company is expected to make 800 million euros ($867.4 million) in savings.

Shares of the company were up 3% in recent Tuesday premarket activity.

Price: 49.97, Change: +1.45, Percent Change: +2.99