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Nestle selling U.S. candy business for $2.8 billion

By The Associated Press

This article was published January 16, 2018 at 1:08 p.m.

in-this-wednesday-june-1-2016-file-photo-nestle-butterfinger-and-crunch-candy-bars-are-arranged-for-a-photo-in-new-york

In this Wednesday, June 1, 2016, file photo, Nestle Butterfinger and Crunch candy bars are arranged for a photo, in New York.


NEW YORK — 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, said 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.

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kt2235 says... January 16, 2018 at 3:04 p.m.

N-E-S-T-L-E-S, Nestle's makes the very best.....
Dog food?

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