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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