Nestle selling US candy business for $2.8 billion

News
Nestle-US Candy Sale_504995

FILE – In this Wednesday, June 1, 2016, file photo, Nestle Butterfinger and Crunch candy bars are arranged for a photo, in New York. Swiss food and drink giant Nestle is selling its U.S. candy business to Italy’s Ferrero for about $2.9 billion in cash. Ferrero will take over iconic chocolate brands Butterfinger and Crunch […]

NEW YORK (AP) — Swiss food and drink giant Nestle is selling its U.S. candy business to Italy’s Ferrero for about $2.8 billion in cash. Ferrero will take over iconic chocolate brands Butterfinger and Crunch bars, as well as the sugary Nerds, SweeTarts and FunDip.

After a review of its portfolio last summer, Nestle hinted that it might sell its U.S. business, with its eye on higher-growth areas like pet care, coffee and infant nutrition.

In September, Nestle announced that it bought a majority stake in Blue Bottle Coffee, a high-end coffee company. Other Nestle brands include Purina, Gerber and Stouffer’s.

Nestle, based in Switzerland, says its U.S. candy business accounts for about 3 percent of its U.S. division’s sales.

The deal is expected to close at the end of the first quarter.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download the KSN News App and stay up-to-date wherever you are. You can even watch KSN News live for free!
Click here to get the app
Get it in the App store
Get it in the Google Play store

3 Day Forecast

KSN Storm Track 3 Weather

Trending Stories