Marmite owner Unilever targets £830m in savings by 2029 but will not say whether jobs will go

Unilever used an investor event to tell shareholders that a €1 billion cost-cutting programme will help absorb stranded costs left by the separation of its food division into a new joint venture with US spices giant McCormick, a deal expected to close by mid-2027. The company said savings would come from organisational streamlining, process redesign and technology deployment, but declined to say whether any roles would be cut.

Hellmann's, Marmite and Pot Noodle are among the brands heading into the McCormick venture, leaving Unilever focused exclusively on beauty, personal care and home products.

The company has set a medium-term target of 4%-6% annual underlying sales growth, though RBC Capital Markets cautioned that both the volume and sales goals look 'challenging'.

The food division exit comes after last year's separate listing of the ice-cream arm as Magnum Ice Cream Co., together representing a broad withdrawal from food.