Unilever is planning to spin off its North American and European spreads business into a standalone company, as its sales have declined in recent years.
The business, which includes Flora and Bertolli margarine, will be named Unilever Baking, Cooking & Spreading.
Expected to become fully operational by July 2015, Unilever Baking, Cooking & Spreading will be 100% owned by Unilever.
The new business will have its own dedicated management team and will be responsible for its own strategy and performance.
Commenting on the move, Unilever spokeswoman said: "We are confident that this approach will provide the focus and speed needed to improve delivery whilst retaining the benefits of Unilever's scale.
"Overall our intention is to improve the competitiveness of our spreads unit with sharper accountabilities and more focused decision making."
Earlier in May, Unilever divested it North American pasta sauce business under the Ragu and Bertolli brands to the Mizkan Group of Japan for $2.15bn, and Slim-Fast weight-loss brand to Kainos Capital.
Image: Unilever's North American and European spreads business includes Flora and Bertolli margarine. Photo: courtesy of Unilever.
