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Taking Tip Top onto its next phase successfully will require a level of investment beyond what Fonterra are willing to make.
Fonterra has confirmed it is considering selling the nation’s beloved ice cream brand, Tip Top.
Fonterra this morning released information on its portfolio review, revealing as predicted that Tip Top could go up for sale.
Commenting on the board-led review, chairman John Monaghan says there is a lot of action and progress but it will take time to flow through into financial results.
He says that while Tip Top is performing well, it is the co-op’s only ice cream business and it has reached full maturity as an investment. Monaghan says to take it to its next phase successfully will require a level of investment beyond what they are willing to make.
Fonterra has appointed FNZC as an external advisor to work with the co-op as it considers “a range of options”.
“We want to see Tip Top remain a New Zealand based business and this is being factored into our options,” says Monaghan.
“We are still some months off from completing the full portfolio review of assets, investments and partnerships. We are moving quickly to meet our commitment to reducing our debt levels by $800 million by the end of the financial year. This requires both improved performance from last year and the divestment of assets.”
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As part of preparing for a potential IPO in relation to the divestment process for its global Consumer business and integrated businesses Fonterra Oceania and Sri Lanka, Fonterra has named Anne Templeman-Jones as chair-elect of the Audit and Risk Committee for the Mainland Group board.
