Nestlé, the largest food company in the world, has announced that it is selling its US ice cream business for US$ 4 BILLION to Froneri, a joint venture company. This action was taken in the hope that the Froneri European business model will also work in the US.
Froneri already has all Nestlé ice cream business except North America, and after this deal, it will have that also.
The US has the largest ice cream market in the world, and for Nestlé, its last year’s turnover was US$ 1.8 billion. Froneri was already the largest ice cream company in the world, and with this acquisition, it has grown even bigger.
Forney is a joint venture created in 2016 between the English group R&R Ice Cream plc and the Swiss multinational Nestlé with equal share divided between both the companies. It owns all the ice cream markets previously owned by R&R and Nestlé except the North America market. It already had 10000 employees back in 2018 now, and it has grown significantly. Its last year revenue was € 2.6 trillion, with a net income of about € 242.202 million.
Is a Swiss multinational food and drink processing conglomerate corporation headquartered in Vevey, Vaud, Switzerland? It is the largest food company in the world, measured by revenues and other metrics. It was ranked 64 on the Fortune Global 500 in 2017. It is the largest food company in the world. It had 308,000 employees back in 2018. Now, it has grown. Nestlé has 447 factories, operates in 189 countries. It is one of the main shareholders of L’Oreal, the world’s largest cosmetics company. It is giving its ice cream market to Froneri to focus on other products. It has many products which are the best sellers in their departments. It is recognized all over the world and was on 016 editions of the Forbes Global 2000 list of largest public companies.