Ice Cream Business – level 3

19-12-2019 07:00

The company Nestlé is selling its US ice cream business to a joint venture, Foneri, in a deal worth about $4 billion dollars.

The sales from Nestlé´s ice cream business have decreased by 4 percent since 2010. Foneri is one of the world´s largest ice cream companies, and Nestlé is hoping to revitalize the business.

The sale to Foneri will take place in the first quarter of 2020; however, Nestlé will continue to manage ice cream businesses in Canada, Latin America and Asia.

The International Dairy Food Association says that ice cream is an $11 billion industry in the US. Americans eat 23 pounds of ice cream each year, which is more per capita than anywhere else in the world.

Difficult words: joint venture (a kind of business in which two companies work together), revitalize (to put new life or energy into something), per capita (for each person individually)

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