FORT WAYNE, Ind. (WPTA21) - The company that operates an ice cream plant in Fort Wayne has reached agreement to spin off that division in a $4 billion transaction.
Nestlé -- based in Switzerland -- announced on Wednesday that it would transfer its U.S. ice cream business to Froneri, which is described as a joint venture created by Nestlé three years ago. The company joined with PAI Partners to establish that separate company.
Froneri already manages Nestlé's European ice cream business along with operations in Latin America, Africa and Asia.
The deal will make Froneri the largest ice cream company in the world.
"The creation of Froneri has been a phenomenal success," Nestlé CEO Mark Schneider said in a statement. "We are now making this business our global strategic partner in ice cream and are convinced that Froneri’s successful business model can be extended to the U.S. market.
"With this transaction, we are taking a decisive step towards our goal of achieving global leadership in ice cream."
The transaction is expected to close in the first quarter of 2020, following the completion of customary regulatory approvals.
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December 12, 2019 at 05:55AM
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Nestlé selling ice cream division, which includes Fort Wayne plant - wpta21.com
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