Unilever is in the early stages of weighing a separation of its food assets as the consumer goods maker plans to streamline its business.
Late last year, Reuters had reported, citing sources, that the company was considering selling historic British brands including Marmite, Colman's and Bovril to focus on beauty and wellbeing.
Food companies have been struggling with weak demand as budget conscious consumers are cutting back on spending and opting for cheaper store brands as well as fast adoption of GLP-1 weight-loss drugs also curb overall consumption.
As reported by Reuter, Unilever is in talks with advisers to study options that include spinning off most or all of the food businesses or retaining some of the flagship brands while separating the rest.
Any move is not expected before 2027 and the company may still decide to retain its current structure, according to the report.
The deal would likely value the Unilever food business at tens of billions of dollars.
Selling Marmite, Colman's and Bovril would be one of Unilever's most significant disposals since Fernando Fernandez became CEO in February 2025 with a mandate to speed up its turnaround strategy.
A transaction would likely value the Unilever food business at tens of billions of dollars. The company has not made any final decisions and could opt to retain its current structure or pursue other alternatives.
Unilever’s food assets could also attract interest from potential buyers, according to the report.
The company’s food brands include Colman’s condiments, Knorr stock cubes, Maille dijon mustard and Namdong instant noodles, as well as the savory Marmite spread.
Earlier in Feburary, British consumer goods giant Unilever announced a small rise in annual profits having spun off its ice cream division, as it warned of "slower market conditions" for 2026.
Net profit from brands retained at the end of 2025 advanced 4.6 percent to €5.7 billion (£5bn), Unilever said in a statement, while revenue slipped 3.8 percent to €50.5 billion.
Unilever, whose major brands include Dove soap, Cif surface cleaner and Hellmann's mayonnaise, is undergoing a turnaround to boost its performance.
The group completed the demerger of Magnum Ice Cream, which includes the Ben & Jerry's brand, in December.
Changes at Unilever in 2025 included job cuts and bringing in Fernandez, who took over as CEO last March having served as the company's chief financial officer.