Sector News

Ferrero to buy majority stake in Spanish ice cream company ICFC

May 29, 2019
Food & Drink

Get involved in the discussion! Click here to comment on this story

Ferrero has announced a definitive agreement to acquire a controlling stake in Ice Cream Factory Comaker (ICFC), a Spanish ice cream manufacturer.

Headquartered in Valencia, ICFC makes a range of ice cream cones, sticks, tubs, cakes and lollies. The firm is present in more than 15 countries and has more than 700 employees at its two production facilities – in Alzira, Spain, and Castel d’Ario, Italy.

The transaction is expected to be completed in July 2019. The Lamsfus family will remain a shareholder of ICFC and Guillermo Lamsfus Bravo will continue to lead the business as managing director.

Ferrero said as part of its commitment to satisfying consumer needs, it is constantly evaluating new opportunities in different product categories.

The Italy-headquartered firm – owner of brands such as Nutella, Kinder Chocolate and Tic Tac – last month acquired a range of businesses from Kellogg in a deal worth $1.3 billion. Included in the transaction were Kellogg’s cookie, fruit and fruit-flavoured snack, ice cream cone and pie crust businesses.

Last year, Ferrero became the third largest confectioner in the US after acquiring Nestlé’s US confectionery unit for $2.8 billion.

In its financial year ended August 2018, Ferrero posted consolidated turnover of €10.7 billion, up 2.1% on the previous year.

Source: Food Bev

Join the discussion!

Your email address will not be published. Required fields are marked *

Related News

November 15, 2019

Snacks are officially the new meals, Mondelez report finds

Food & Drink

LinkedIn Twitter FacebookWould you be willing to give up social media for a month to have your favorite snack every day? What about your cell phone? Three in 10 adults […]

November 15, 2019

Harald Ullevoldsæter named Orkla chief financial officer

Food & Drink

LinkedIn Twitter FacebookOrkla has appointed Harald Ullevoldsæter as its new chief financial officer, effective 1 March 2020, to replace Jens Bjørn Staff. Ullevoldsæter, 56, returned to Orkla earlier this year […]

November 14, 2019

JM Smucker announces chief financial officer succession plan

Food & Drink

LinkedIn Twitter FacebookJM Smucker has announced that its CFO Mark Belgya will retire on 1 September 2020, to be replaced by Tucker Marshall, the company’s vice president of finance. Marshall […]

Subscribe to our Weekly Newsletter

We're easy to reach