Nestlé sells American candy brands, including Crunch, Butterfinger, to Italy's Ferrero for $2.8 billion


Swiss food and beverage company Nestlé announced the sale of its American candy businesses, including brands like Crunch, Gobstopper, and Butterfinger, to the Italian confectionary company Ferrero for $2.8 billion, CNBC reports. The sale will evidently make Ferrero, which owns Nutella and Ferrero Rocher pralines, the third-largest chocolate company in the world.
"With Ferrero we have found an exceptional home for our U.S. confectionery business where it will thrive," said Nestlé CEO Mark Schneider. "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.”
Nestlé's chocolate brands have reportedly been struggling in the U.S. due to "consumers' preference for healthier snacks like fruit and nut bars and premium brands like Lindt," CNBC writes. The sale will not include Nestlé's Toll House products or candies it produces globally, like KitKat.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
'Thriving' ecosystem found 30,000 feet undersea
Speed Read Researchers discovered communities of creatures living in frigid, pitch-black waters under high pressure
-
Harris rules out run for California governor
Speed Read The 2024 Democratic presidential nominee ended months of speculation about her plans for the contest
-
'Fossil-fired grids have provided a cautionary tale'
Instant Opinion Opinion, comment and editorials of the day
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement