Nestlé to Sell US Confectionery Business to Ferrero
The transaction is expected to close around the end of the first quarter of 2018 following the completion of customary approvals and closing conditions
Nestlé announced that it agreed to sell its US confectionery business to Ferrero for $2.8 billion in cash. Nestlé's 2016 US confectionery sales reached about $900 million. The transaction is expected to close around the end of the first quarter of 2018 following the completion of customary approvals and closing conditions.
Nestlé CEO Mark Schneider commented: “With Ferrero we have found an exceptional home for our US confectionery business where it will thrive. 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.”