Nestlé SA on Jan. 16 announced it agrees to sell its U.S. confectionery business to Italy’s Ferrero Group for $2.8 billion in cash. The candy brands have been on the market publicly since last June.
The sale relieves Nestlé of products that both don’t fit its new philosophy of nutrition, health & wellness and have slipped from third to fourth place among U.S. candy brands. The candy business did generate $900 million in U.S. sales in 2016.
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