By Gurbir Singh:
Tip Top, one of New Zealand’s most recognisable and trusted brands for over 80 years, has been acquired by Froneri, a European company owned partly by Swiss multinational, Nestlé.
The global ice cream company, Froneri today purchased Tip Top from Fonterra for $380 million. This sale was confirmed by Fonterra CEO Miles Hurrell. The agreed settlement date is 31 May 2019.
Throughout its 80-year history, Tip Top has been owned by several international brands, and Fonterra took over the ownership of this company in 2001. Prior to that, the company was owned by Peters & Browne’s Foods in 1997.
New Zealand First is among those who have expressed disappointment over the sale of this iconic Kiwi brand.
In a statement, New Zealand First Spokesperson for Primary Industries, Mark Patterson said, “If we are to build a value-added future for our economy, keeping the ownership of brands like Tip Top in Kiwi hands is critical.”
“The sale of Tip Top follows the foreign acquisition of other significant New Zealand companies capturing value-added opportunities, such as Silver Fern Farms. With Westland Milk also under offer from a foreign multinational, this is an alarming trend,” he added.
According to Froneri CEO Ibrahim Najafi the Tip Top name, employees, and its operations, including the Mount Wellington, Auckland factory site will be maintained.
But whether the creamy Tip Top would still be on the top of kiwi’s list, only time will tell.