Following the successful conclusion of the required regulatory clearances, Nestlé and R&R have completed the transaction to create Froneri, a new joint venture in ice cream, frozen food and chilled dairy. Nestlé and PAI Partners have equal equity interests in the joint venture.
With sales of around 2.6 billion Euro, Froneri will operate in 22 countries across the world, employing around 15,000 people. As announced in April, the company will be headquartered in the UK and will have sites primarily in Europe, the Middle East, (excluding Israel), Argentina, Australia, Brazil, the Philippines and South Africa.
Froneri’s leadership team combines industry expertise and business acumen from across Nestlé and R&R. The company’s board of directors is chaired by Luis Cantarell, Nestlé’s Executive Vice President, Europe, Middle East and North Africa and its CEO is Ibrahim Najafi, formerly CEO of R&R.