Nestlé is offloading the remainder of its ice cream assets as the world’s largest food company takes a larger review of its businesses in an aggressive push to turn around sales.

The CPG’s ice cream business outside the U.S. will be sold to Froneri “in a phased way,” Nestlé CEO Philipp Navratil said during an earnings call Thursday. Froneri, a joint venture created by the Swiss company and PAI Partners, acquired Nestlé’s U.S. ice cream business for $4 billion in 2019.
Navratil said its remaining ice cream holdings are “strong but small,” adding that the segment is “a distraction for us” as the company chases larger growth opportunities.