Nestle sells US sweets arm for $2.8bn

Nestle has agreed to sell its US confectionery unit to Ferrero, the Italian maker of Nutella, for $2.8bn (€2.3bn) in the Swiss food giant’s first major divestment since chief executive Mark Schneider took the helm last year.

Nestle has agreed to sell its US confectionery unit to Ferrero, the Italian maker of Nutella, for $2.8bn (€2.3bn) in the Swiss food giant’s first major divestment since chief executive Mark Schneider took the helm last year.

The sale of the unit, which includes popular US brands Butterfinger and Baby Ruth, is the first substantial step away from the confectionery industry by the company that invented milk chocolate.