Nestle to sell US candy business to Ferrero for US$2.9b
Nestle to sell US candy business to Ferrero for US$2.9b
Ferrero makes Nutella Ferrero Rochers and Tic Tacs
17 January, 2018, 00:49
Nestle SA agreed to sell its USA confectionery unit to Ferrero SpA, the Italian maker of Nutella, in the first substantial step away from the candy industry by the company that invented milk chocolate.
Nestle's U.S. confectionery business represents about three percent of U.S. Nestlé Group sales.
Overall, the company's US sales were around $27 billion in 2016.
However, the unit has been underperforming compared to rivals for years, as majority of consumers have now switched to healthier snacks like fruit and nut bars and premium brands like Lindt.
In a tasty confectionery deal, The Ferrero Group - manufacturer of Kinder candies and Nutella - has announced it will acquire Nestle's USA candies business for $2.8bn.
The deal is expected to close at the end of the first quarter of 2018.
For Nestle, the deal comes after Daniel Loeb's hedge fund Third Point bought a stake in the Kit Kat maker previous year.
With the $2.8 billion deal, Italian candy maker Ferrero will become the third-largest confectionery company in the US, a press release said. Last year, it acquired Ferrara Candy Co., the maker of Red Hots, Lemonhead and Brach's sweets, as well as confectioner Fannie May.
The maker of Ferrero Rocher treats will take on Nestle's manufacturing facilities in Bloomington, Franklin Park and Itasca, Illinois, and the confectionery-related employees.
"We look forward to welcoming the talented team from Nestle to Ferrero and to continuing to invest in and grow all of our products and brands in this key strategic and attractive market", Giovanni Ferrero, executive chairman of the Ferrero Group, said in a release. Nestle said in a statement announcing the sale that it remains "fully committed" to its chocolate business around the world.
Founded as a family business in Italy in 1946, Ferrero entered the United Kingdom market in 1966 and acquired Thorntons in 2015.
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