Nestle Selling US Candy Business for $2.8 Billion - NBC New York

Nestle Selling US Candy Business for $2.8 Billion

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

    processing...

    NEWSLETTERS

    Nestle Selling US Candy Business for $2.8 Billion
    Getty Images/Justin Sullivan
    File photo - Nestle Crunch candy bars are displayed on a shelf at a convenience store on February 18, 2015 in San Francisco, California.

    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.

    Death Toll, Damages Climb From Typhoon Hagibis

    [NATL] Death Toll, Damages Climb From Typhoon Hagibis

    The death toll from Typhoon Hagibis climbed to 53 on Tuesday, days after it tore through Japan and left hundreds of thousands of homes wrecked, flooded or out of power. Hagibis caused more than 200 rivers to overflow when it hit the island nation on Saturday.

    (Published Tuesday, Oct. 15, 2019)

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