ZURICH – Food giant Nestle and Britain's R&R Ice Cream have completed a transaction to create their new Froneri ice cream and frozen food joint venture, Nestle said on Monday.
Continue Reading Below
"With sales of around 2.6 billion euros ($2.92 billion), Froneri will operate in 22 countries across the world, employing around 15,000 people," Froneri said on its website.
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.
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.
(Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)