In order to further solve the problems of debt levels of up to 48% and the failure of its investment in Beingmate in China, Fonterra Group, a New Zealand dairy producer listed on the Australian Stock Exchange, plans to sell its South American business and ice cream company-Tip Top.

It is reported that Fonterra has commissioned Macquarie Group to sell Tip Top, a famous ice cream brand in New Zealand, with a value of about NZ 400 million (A$375 million). Goldman Sachs Group was commissioned to sell Fonterras business in South America, which is expected to bring Fonterra $1 billion in revenue.

Fonterra is one of the worlds largest dairy producers, with annual revenues of more than $17.2 billion. The products are sold to many countries and regions of the world, including in South American’s business mainly in Brazil and chile.