British-Dutch consumer goods producer Unilever has completed the takeover of Romanian ice cream producer Betty Ice, a transaction signed in January 2018.

The group said it received the Competition Council’s approval for the transaction after it committed to reducing the presence of its ice cream brands in local proximity shops.

Suceava-based Betty Ice was founded in 1994 by local entrepreneur Vasile Armenean. The company has grown into one of the leading ice cream producers in Romania, with a turnover of EUR 30 million. The company has over 760 employees.

Vasile Armenean will continue to manage the business, which will operate together with Unilever’s ice cream division. The value of the transaction is estimated at EUR 100 million, according to Ziarul Financiar, but this value hasn’t been confirmed by any of the parts involved in the deal.

editor@romania-insider.com