UK ice cream manufacturer Froneri Ltd. has agreed to purchase New Zealander nutrition company Fonterra's ice cream business.
Froneri, a joint venture owned by Nestlé and R&R Ice Cream plc, said that the 380 million New Zealand dollar ($250.2 million) transaction is expected to close by the end of the May.
On the closure of the move, the Tip Top name and its operations, including the Auckland-based factory at Mount Wellington, will be maintained.
More so, Last December, Fonterra had considered the sale of the unit as part of its plans to reduce credit levels.