Unilever has finalised the sale of its foods division to US sauce and spice producer McCormick, which will have new international headquarters in the Netherlands, both companies said on Tuesday.
Unilever, which has been based in London since 2020, will retain a 9.9% stake in the newly formed food giant, the company confirmed and will earn €13.7 billion from the deal.
McCormick will keep its existing name and global headquarters in the US and McCormick’s existing chief executive and CFO will remain in the job.
“Unilever Foods has a long-standing presence in the Netherlands, which is home to its world-leading R&D capability,” the statement said. “McCormick management views this capability as a core strength of the combined company and intends to maintain this substantial presence in the Netherlands.”
As well as a Dutch HQ, McCormick will also have a secondary stock market listing in Europe, but no further details have been published. According to the Financieele Dagblad, the new headquarters will be based in Unilever’s current food division offices in Rotterdam.
Unilever’s ice cream arm, spun off last year, is listed on the Amsterdam stock exchange as the Magnum Ice Cream Company and is headquartered in the Dutch capital. Unilever is listed in London.
The sale of the food arm means there is nothing left of the original Dutch part of Unilever, which was set up in 1930 through the merger of the Dutch Margarine Unie and British soap maker Lever Brothers.
Unilever now focuses on personal care and household cleaning products. The margarine division was sold to US private equity group KKR in 2017, and Unox was sold in 2024. Indonesian spice firm Conimex was also sold in 2024.
Economic affairs minister Heleen Herbert said in a reaction to the sale the cabinet has already discussed developments with Unilever and will talk to the new owner “such as about a listing on the Amsterdam stock exchange”.
She said she is also pleased that the company’s research and development activities will remain in Wageningen.
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