You are using an older browser version. Please use a supported version for the best MSN experience.

Rocky Road: Iconic NZ ice cream maker could be sold

Newshub logoNewshub 5/12/2018 Angie Skerrett
UP NEXT
UP NEXT

Fonterra has confirmed it is looking at a potential sale of Tip Top ice cream, as it looks to pay down debt.

The co-op is carrying out a strategic review of its assets, after posting a $196 million dollar loss for the year ending July.

Download the Microsoft News app for your Android or iPhone device and stay up-to date on the news you care about most.

Fonterra Chairman John Monaghan has confirmed a sale is possible

"We are looking at our ongoing ownership of Tip Top and have appointed FNZC ( First NZ Capital ) as our external advisor to work with us as we consider a range of options," he said. 

He said the co-op is keen to see Tip Top remain a New Zealand-based business and that is being factored into our options.

 

"While performing well, Tip Top is our only ice cream business and has reached maturity as an investment for us," said Mr Monaghan.

"To take it to its next phase successfully will require a level of investment beyond what we are willing to make," he said,

a close up of food: Tip Top's owner Fonterra is carrying out a strategic review after posting a $196 million dollar loss for the 2018 financial yea © Newshub Tip Top's owner Fonterra is carrying out a strategic review after posting a $196 million dollar loss for the 2018 financial yea Fonterra is carrying out a 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," said Mr Monaghan.

More From Newshub

image beaconimage beaconimage beacon