The world's biggest food company doesn't want to make ice cream anymore [CNN]
NESTLE S.A S/ADR (NSRGY)
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Source: CNN
sell its remaining ice cream business to its joint venture partner, Froneri. Shares gained 3% in morning trade in Zurich. The move comes as the company looks to boost sales and simplify its sprawling operations under new CEO Philipp Navratil. Navratil took over from Laurent Freixe in September, after Freixe was abruptly dismissed for failing to disclose a romantic relationship with a more junior colleague. In full-year earnings, Nestle said it would focus on its coffee, petcare, nutrition and food and snacks businesses. “We are focusing our portfolio on four businesses, led by our strongest brands, with prioritized resources and a simplified organization,” Navratil said in a statement. The company is already in the process of cutting around 16,000 jobs worldwide, as it works to slash costs, including through automation and the use of artificial intelligence. Navratil's efforts to boost performance at the struggling Swiss multinational have been hampered by a major infant f
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