Nestle Selling US Candy Business for $2.8 Billion - NBC4 Washington

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

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    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.

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    Police released footage of a mother who said she accidentally left her 5-month-old in a car for half an hour in a Goodyear, Arizona, parking lot when she, her sister and other daughter went into the store. Officers are heard on camera saying it was about 99 degrees outside. 

    (Published Thursday, Aug. 22, 2019)

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