Nestlé has announced that it will sell its U.S. confectionery business to Ferrero for $2.8 billion in cash.
Per the deal, Ferrero will take control of Nestlé's U.S. confection business, which includes Butterfinger, Crunch, Baby Ruth, 100 Grand, Chunky, Oh Henry! and SnoCaps. The deal, however, doesn’t include Nestlé's Toll House baking products business.
“With Ferrero, we have found an exceptional home for our U.S. confectionery business where it will thrive. At the same time, this move allows Nestlé to invest and innovate across a range of categories where we see strong future growth and hold leadership positions, such as pet care, bottled water, coffee, frozen meals and infant nutrition,” said Nestlé CEO, Mark Schneider.
