Nestle and R&R complete Froneri ice cream joint venture

[October 03, 2016]  ZURICH (Reuters) - 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.

The Nestle logo is pictured on the company headquarters entrance building in Vevey, Switzerland February 18, 2016. REUTERS/Pierre Albouy/File Photo

"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)

[© 2016 Thomson Reuters. All rights reserved.]

Copyright 2016 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.