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.

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