Nestle Sells US Candy Business to Ferrero for $2.8 Billion

Nestle Sells US Candy Business to Ferrero for $2.8 Billion The Swiss food group made the purchase behind new CEO Mark Schneider's "health and wellness" push. "This move allows Nestle 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." Ferrero will acquire candies like Crunch, Butterfinger, Baby Ruth, Raisinets, Nips, Skinny Cow and Laffy Taffy. Nestle’s 2016 U.S. confectionery sales were about $900 million and represent about 3 percent of U.S. Nestle Group's sale. According to Forbes, Nestle is the world's largest food company. Ferrero is best known for its Ferrero Rocher chocolates, but the company also owns favorites Nutella and Tic Tacs. Euromonitor International says the purchase will make Ferrero the third-largest chocolate confectionery in the world.