Tip Top produces ice cream from fresh milk and cream from New Zealand grass-fed cows.
Froneri, the joint venture created by Nestlé S.A., Switzerland, and R&R Ice Cream, UK, acquired Tip Top, New Zealand, from Fonterra for $380 million.
“Since we took ownership of Tip Top in 2001, a lot of work has gone into ensuring it remained New Zealand’s leading ice cream company,” says Miles Hurrell, chief executive officer of Fonterra. “Over that time, we’ve had strong support from New Zealanders, and I want to recognize and thank them for that.