Nestle Selling US Candy Business For $2.9B
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 bars, as well as the sugary Nerds, SweeTarts and FunDip.
We’re excited to share that Ferrero will be a strong home for iconic brands like Butterfinger, 100Grand, Gobstopper, SweeTarts, and others as we continue to bring you more foods you love, from plant-based proteins to amazing coffees and so much more: https://t.co/BuvI9n1WwR— Nestlé US (@NestleUSA) January 16, 2018
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.
The Associated Press contributed to this report.