根據多家國際財經媒體與路透社（Reuters）於2026年2月19日的報導，全球食品龍頭雀巢（Nestlé） 在公布2025年全年財報時，由新任執行長Philipp Navratil正式宣布，將出售公司剩餘的冰淇淋業務予合資夥伴Froneri。這項決策被視為雀巢近年最大規模企業重組戰略的重要一步，也象徵其長期經營結構從「廣泛食品帝國」轉向「高利潤核心事業」的重大轉型。

此次交易的核心在於整合既有合資架構。Froneri原本即是雀巢與私募基金PAI Partners於2016年共同成立的冰淇淋合資公司，雙方各持50%股權。雀巢過去已將多數歐洲冰淇淋業務轉入該公司營運，如今決定進一步出售剩餘地區業務，等同將冰淇淋事業全面交由專業平台集中經營。這種「由內部分拆轉為專業化外部營運」的模式，被市場解讀為降低管理複雜度並提升資本效率的典型企業重整案例。

從財務規模來看，此次出售的冰淇淋業務年銷售額約為10億瑞士法郎，折合約 13億美元，涵蓋加拿大、智利、秘魯、馬來西亞、泰國與中國等多個市場。交易涉及的品牌與經營權包括高端冰淇淋品牌Häagen-Dazs在相關地區的營運，以及Drumstick、KitKat冰淇淋系列等具代表性的產品線。這些品牌雖具知名度，但在雀巢整體營收結構中占比有限，使其戰略重要性逐漸下降。

此次出售決策的背後，是雀巢正在推動的大規模組織重整。公司同步展開約1.6萬人的全球裁員計畫，目標在於精簡層級與降低營運成本。Navratil 在財報說明中將冰淇淋業務形容為一項「干擾項（distraction）」，指出該事業本身具有競爭力，但在雀巢龐大的全球體系中規模不足，反而分散管理資源；交由專注冷凍甜品市場的Froneri經營，更能發揮品牌價值與營運效率。

未來策略上，雀巢將公司定位重新集中於四大核心支柱：咖啡事業、寵物護理、營養與健康產品，以及高附加價值食品與零食。這些領域普遍具有較高毛利率與長期成長潛力，也符合全球消費趨勢朝向健康化、功能性與高端化發展的方向。

在時間規劃方面，雀巢預計於未來12至18個月內完成冰淇淋業務的剝離程序，但仍將保留其在Froneri的股權，意味公司並非完全退出市場，而是轉為「資本參與、營運退出」的輕資產模式。此外，雀巢亦透露更長期的結構調整藍圖，包括計畫於2027年前逐步剝離水事業與部分維生素補充品業務，顯示公司正進行一場全面性的產品組合再平衡。

整體而言，此次出售不僅是一筆單純的資產交易，更反映全球大型消費品企業在成長放緩與投資人壓力下，透過聚焦核心、高效率資本配置與品牌專業化營運來重塑競爭力的典型案例，也象徵雀巢進入新一輪以「精簡與專注」為核心的戰略轉型階段。

According to reports published on February 19, 2026 by multiple international financial media outlets, including Reuters, global food giant Nestlé officially announced—during the release of its full-year 2025 financial results—that it will sell its remaining ice cream business to its joint-venture partner Froneri, a decision confirmed by newly appointed CEO Philipp Navratil. The move is widely viewed as a key milestone in Nestlé’s ongoing large-scale corporate restructuring and signals a strategic shift from operating as a broadly diversified food conglomerate toward focusing on higher-margin core businesses.

At the center of the transaction is the consolidation of an existing partnership structure. Froneri was originally established in 2016 as a joint venture between Nestlé and private equity firm PAI Partners, with each party holding a 50% stake. Nestlé had already transferred most of its European ice cream operations into the venture in previous years. The latest decision effectively completes the transition by placing the remaining regional ice cream operations under Froneri’s management. Market observers interpret this as a classic example of corporate restructuring aimed at reducing operational complexity while improving capital efficiency through specialized management.

From a financial perspective, the divested ice cream business generates approximately CHF 1 billion in annual sales, equivalent to roughly USD 1.3 billion. The assets involved span multiple markets, including Canada, Chile, Peru, Malaysia, Thailand, and China. Brands and operating rights included in the deal cover premium ice cream label Häagen-Dazs in the affected regions, as well as well-known product lines such as Drumstick and KitKat ice cream products. Although these brands maintain strong consumer recognition, their relative contribution within Nestlé’s overall revenue structure has diminished, reducing their long-term strategic importance to the company.

The divestment comes amid a broader organizational overhaul at Nestlé. The company is implementing a global workforce reduction of approximately 16,000 employees as part of efforts to streamline operations and lower structural costs. Navratil described the ice cream division as a “distraction,” explaining that while the business itself remains competitive, its scale within Nestlé’s vast global portfolio makes it less efficient to manage internally. Transferring operations to a specialized ice cream company like Froneri is expected to unlock greater operational efficiency and brand value.

Looking ahead, Nestlé plans to concentrate on four primary strategic pillars: coffee, pet care, nutrition and health science, and high-value food and snack products. These sectors generally offer higher profit margins and stronger long-term growth prospects, aligning with global consumer trends toward health, functionality, and premiumization.

In terms of timing, Nestlé expects the divestment process to be completed within the next 12 to 18 months while retaining its equity stake in Froneri, indicating a shift toward a lighter asset model—remaining financially invested while stepping back from direct operational management. The company has also outlined broader restructuring ambitions, including plans to divest its water business and portions of its vitamin and supplement operations before 2027, underscoring a comprehensive effort to rebalance its portfolio.

Overall, the transaction represents more than a simple asset sale. It reflects how major global consumer goods companies, facing slowing growth and increasing investor pressure, are reshaping competitiveness through sharper strategic focus, disciplined capital allocation, and specialized brand management. The move marks Nestlé’s entry into a new phase defined by efficiency, simplification, and concentration on core growth engines.