Unilever spins off foods to McCormick at $44.8B EV; ~67% of revenue pivots to BPC

March 31, 2026 — Unilever reached a definitive agreement with McCormick & Company to spin off most of its foods business (Hellmann's, Knorr, Marmite) at $44.8B enterprise value. McCormick pays Unilever $15.7B; on completion (mid-2027) Unilever shareholders hold 55.1% of the combined foods entity. Post-separation, ~67% of Unilever revenue comes from Beauty, Wellbeing, and Personal Care versus 51% in FY25. CEO Fernando Fernandez framed the transaction as giving Unilever a 'structurally more premium brand portfolio with greater exposure to digital channels' — accelerating the re-rating begun with the ice cream disposal and REN Clean Skincare closure.