Ice cream out of favour?
Is ice cream falling out of favour of major dairy companies in New Zealand?
The new owner of Tip Top Ice Cream, Froneri is paying over $6 billion for Nestle’s US ice cream business.
The deal, which includes some of North America’s iconic brands, will propel Froneri to become the number two global ice cream player.
Froneri was created in 2016 as a joint venture between PAI Partners and Nestlé: UK-based Froneri is the second largest manufacturer of ice cream in Europe and the number one private label producer worldwide.
In a statement, Froneri says the acquisition includes iconic and well-loved ice cream brands including Dreyer’s, Häagen-Daaz, Outshine, Skinny Cow, Edy’s, Nestlé Ice Cream and Drumstick.
Froneri paid Fonterra $380m for Tip Top earlier this year after the dairy co-op decided to offload assets to salvage its balance sheet.
Commenting on the US acquisition, Froneri chief executive Ibrahim Najafi says this is another milestone acquisition for the company “as we drive towards becoming the world’s best ice cream company”.
“We’re delighted to be bringing such well-loved US brands into the Froneri family.”
Froneri says the acquisition brings with it a high-calibre management team and extensive in-market knowledge, as well as marketing, manufacturing, sales and distribution capabilities. It employs more than 2,300 people across the US with 2018 sales of $2.7b.
Froneri is present in over 20 countries with revenues of $4.4b and over 10,000 employees worldwide. Unilever is the world’s biggest ice cream maker.
Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.
Shipping disruption caused by Houthi rebels in the Red Sea has so far not impacted fertiliser prices or supply on farm.
The opportunity to spend more time on farm while providing a dedicated service for shareholders attracted new environmental manager Ben Howden to work for Waimakariri Irrigation Limited (WIL).
Federated Farmers claims that the Otago Regional Council is charging ahead unnecessarily with piling more regulation on rural communities.
Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.
OPINION: We have good friends from way back who had lived in one of our major cities for many years.
OPINION: European farmers are going to extreme lengths to have their message heard.
OPINION: The hustle and bustle of one of Bangkok's most popular fast food outlets may feel a world away from…