By Carlo Martuscelli

 

Nestle S.A. (NESN.EB) said Wednesday that it is selling its U.S. ice-cream business to Froneri--a joint venture between the Swiss food-and-drink major and PAI Partners--in a $4 billion deal.

Mark Schneider, Nestle's chief executive, said the move aims at extending Froneri's successful model to the U.S.

"With this transaction, we are taking a decisive step towards our goal of achieving global leadership in ice cream," he said.

The transaction is expected to close in the first quarter of next year. The Zurich-listed company said it will retain its ice-cream businesses in Canada, Latin America and Asia.

Froneri was created in 2016 when Nestle joined its European ice-cream businesses with R&R, owned by PAI partners.

 

Write to Carlo Martuscelli at carlo.martuscelli@wsj.com; @carlomartu

 

(END) Dow Jones Newswires

December 11, 2019 13:06 ET (18:06 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Nestle (PK) (USOTC:NSRGY)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Nestle (PK) Charts.
Nestle (PK) (USOTC:NSRGY)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Nestle (PK) Charts.