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.”
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.
Create an account with the same email registered to your subscription to unlock access.
-
Cicada-geddon: the fungus that controls insects like 'zombies'Under The Radar Expert says bugs will develop 'hypersexualisation' despite their genitals falling off
-
'Voters know Biden and Trump all too well'Instant Opinion Opinion, comment and editorials of the day
-
Is the Gaza war tearing US university campuses apart?Today's Big Question Protests at Columbia University, other institutions, pit free speech against student safety
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
