Nestle confirms sale of US confectionery business to Ferrero
Nestle has confirmed it has sold its US confectionery business to Ferrero for US $2.8 billion (AUD $3.5 billion).
The acquisition sees Italy-based Ferrero acquire a number of US confectionery brands including Crunch, Butterfinger, BabyRuth and Raisinets.
Ferrero is already responsible for a number of confectionery brands including Ferrero Rocher, Nutella chocolate hazelnut spread, Kinder Surprise and Tic Tac.
Nestle Chief Executive Officer, Mark Schneider, said Nestle has found an “exceptional home” for its US confectionery with Ferrero.
“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,” Schneider said.
Nestle’s US confectionery business only accounted for approximately 3 per cent of US Nestle’s group sales annually.
The sale does not include Nestle’s Toll House baking products. Nestle says its Toll House brand is a strategic growth brand which it will continue to develop.
“Nestle remains fully committed to growing its leading international confectionery activities around the world, particularly its global brand KitKat,” Nestle stated.
- Ferrero rumoured to be buying Nestle’s US chocolate business
- Surprise Kraft Heinz Unilever acquisition bid withdrawn
- Mondelez International no longer in pursuit of Hershey’s
Kellogg’s is opening its first permanent café in New York City.
A Swinburne University team has discovered a way to re-use the large amount of plant waste often lef...
Over half of Australians say they would spend more with a retailer who offers a loyalty program over...
Domino’s Australia has defended its business model after allegations were made it has “squeezed” its...
The Byron Bay Cookie Company is using the Rosella flower to create a unique flavour offering for its...
A Melbourne bioplastics developer says it has seen strong investor interest in recent moves to stop ...
A new line of gluten-free biscuits made out of buckwheat is hitting Australian supermarkets.
Frucor Suntory is launching a new variety of its V Energy drink called V Pure.