Nestle buys Australian ice cream business
New Zealand dairy company Fonterra sells its Peters and Connoisseur ice cream brands to Nestle.MELBOURNE - Dairy producer Fonterra said Wednesday it was selling its Australian ice cream business, resulting in 140 job losses, with Swiss foods giant Nestle taking some of its assets.
The New Zealand-based company said it also agreed to sell other assets to Australia's Bulla, subject to regulatory approval.
It did not disclose the prices paid.
Under the deal, Nestle will acquire the Peters brand in Western Australia and Connoisseur brand nationwide, while Bulla will take over the national rights to the Cadbury ice cream range.
Fonterra said the jobs would be lost at its Balcatta site in Western Australia.
"We regret the impact these decisions will have on our people and we are doing everything possible to minimise the number of people affected by this announcement, including pursuing redeployment opportunities within Fonterra and employment opportunities with other companies," it said.
AFP / Expatica