Nestle and R&R complete Froneri ice cream joint venture
Food giant Nestle and Yorkshire's R&R Ice Cream have completed a transaction to create their new Froneri ice cream and frozen food joint venture.
The 50/50 joint venture announced in April will combine Nestle and R&R ice cream businesses across Europe, the Middle East, Argentina, Australia, Brazil, the Philippines and South Africa.
“With sales of around 2.6 billion euros (£2.27 billion), Froneri will operate in 22 countries across the world, employing around 15,000 people,” Froneri said on its website.
It will also include Nestle’s European frozen food business excluding pizza and retail frozen food in Italy, as well as its chilled dairy business in the Philippines.
The terms of the transaction were not disclosed.
In a statement, Froneri said: “Froneri will build on the success of Nestlé’s strong brands and experience in ‘out of home distribution’ and R&R’s competitive manufacturing performance and significant presence in retail.
“Froneri’s leadership team combines industry expertise and business acumen from across Nestlé and R&R. The company’s board of directors is chaired by Luis Cantarell, Nestlé’s Executive Vice President, Europe, Middle East and North Africa and its CEO is Ibrahim Najafi, formerly CEO of R&R.”