Nestlé has confirmed it is in “advanced negotiations” to sell its remaining ice cream business to joint venture partner Froneri, in a deal that values the division at approximately NZ$2.1 billion.
The portfolio includes well-known brands such as Häagen-Dazs and Mövenpick.
Under the proposed agreement, Nestlé would transfer ownership of the brands to UK-based Froneri over the next year, while retaining its stake in the joint venture.
The move marks one of the first major strategic steps under new CEO Philipp Navratil, who succeeded Laurent Freixe in September.
Navratil is steering the global food and beverage giant toward a more focused portfolio, centred on coffee, pet care, nutrition, and food and snacks.
“We are focusing our portfolio on four businesses, led by our strongest brands,” Navratil said in a statement.
He said that Nestlé’s six ice cream brands were a “distraction” from the rest of its portfolio, which includes cereal, coffee, confectionery and frozen foods.
Froneri was created a decade ago by Nestlé and UK ice cream maker R&R.
In 2019, Nestlé sold its US ice cream unit to Froneri for US$4 billion.
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