Italian confectionery giant
Ferrero on Tuesday bought the US sweets business of Swiss-based
multinational Nestlé for $2.8 billion in cash.
In 2016 Nestle's US operations generated a turnover of around
$900 million.
Nutella maker Ferrero will get more than 20 historic American
brands, including iconic chocolate brands including
Butterfinger,
BabyRuth, 100Grand, Raisinets and Wonka.
It will also get exclusive rights on the Crunch brand in the
US as well as on candy brands SweeTarts, LaffyTaffy and Nerds.
Ferrero, which makes Nutella, Ferrero Rocher, Tic Tac and
Kinder, beat US chocolate group Hershey in the contest to buy
Nestle's US chocolate business.
Reuters said that Nestle agreed to sell its U.S.
confectionery business in "a small step on its path towards
healthier products".
The U.S. unit has been underperforming rivals for years,
suffering from consumers' preference for healthier snacks like
fruit and nut bars and premium brands like Lindt.
Ferrero will become the third-largest chocolate company in
the United States and the world.
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