Nestle is selling its U.S. confectionery business to Italian chocolate and candy maker Ferrero for an estimated $2.8 billion.
The company’s 2016 U.S. confectionery sales were about $900 million and represented about 3% of U.S. Nestle Group’s sales.
Nestle is the world’s largest food company, according to 2017 Forbes Global 2000.
This acquisition will make Ferrero the third-largest chocolate confectionery in the world.
