sweet deal nestle sells us candy to ferrero for 28 bn
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Sweet deal: Nestle sells US candy to Ferrero for $2.8 bn

Arab Today, arab today

Arab Today, arab today Sweet deal: Nestle sells US candy to Ferrero for $2.8 bn

Nestle said Tuesday it has agreed to sell its US candy business to Italy's Ferrero for CHF 2.7 billion ($2.8
Geneva - Arab Today

Nestle said Tuesday it has agreed to sell its US candy business to Italy's Ferrero for CHF 2.7 billion ($2.8 billion/2.3 billion euros) in cash as the Swiss food giant shakes up its product portfolio.

Ferrero, known for its Tic Tac, Nutella and Ferrero Rocher brands but which has traditionally preferred organic growth to acquisitions, will now be picking up Crunch, Butterfinger and Baby Ruth from Nestle.

The sale will make Ferrero the third-largest confectionary company in the US market.

According to media reports, Ferrero competed with major chocolate manufacturer Hershey and private funds, including Rhone Capital, to secure the deal.

Executive chairman Giovanni Ferrero said that after the acquisition the Ferrero Group "will have substantially greater scale, a broader offering of high-quality products to customers..." in the United States, the world's largest confectionary market.

Nestle's chief executive Mark Schneider said the deal "allows Nestle 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.

- $8 billion market -

Nestle has begun to reposition itself since Schneider, who previously headed up German healthcare group Fresenius, took over the reins of the Swiss firm at the start of last year.

It has snapped up companies that make vegetarian meals, vitamins and luxury coffee.

Its US candy business registered sales of some 900 million Swiss francs in 2016, in a market worth an overall $8 billion, according to Ibis World.

The figure only represented around three percent of its overall US sales, Nestle said.

The company added it remains fully committed to growing its leading international confectionery activities around the world, particularly its global brand KitKat.

The family-run Ferrero businesses has 22 production sites and 30,000 employees.

In 10 years the company has more than doubled its turnover, to more than 10 billion euros.

Since 2014 it has acquired the Turkish group Oltan, specialising in hazelnuts, and the British chocolatier Thorntons before starting its offensive in the US.

The deal is expected to be finalised by the end of March, Nestle added

Source: AFP

arabstoday
arabstoday

GMT 08:08 2017 Thursday ,23 March

Pimm's cake

GMT 08:35 2017 Monday ,27 February

Chocolate brownie chunks with chocolate dip

GMT 07:50 2017 Thursday ,23 February

Triple chocolate cookies

GMT 11:11 2017 Sunday ,19 February

Banana & cinnamon whirls

GMT 12:05 2017 Thursday ,16 February

Caramel apple crumble

GMT 22:12 2017 Tuesday ,14 February

Let’s celebrate love with food

GMT 12:30 2017 Sunday ,12 February

Lemon cheesecake tartlets
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sweet deal nestle sells us candy to ferrero for 28 bn sweet deal nestle sells us candy to ferrero for 28 bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

sweet deal nestle sells us candy to ferrero for 28 bn sweet deal nestle sells us candy to ferrero for 28 bn

 



GMT 12:11 2017 Thursday ,27 July

Tony Baroud to present new TV show

GMT 23:00 2017 Monday ,16 October

Egypt FM to head for Slovenia on Monday

GMT 20:06 2017 Friday ,20 January

Daesh in new demolitions at Syria’s Palmyra

GMT 21:06 2017 Friday ,24 November

Marriyum condemns Hayatabad terrorists attack

GMT 01:00 2017 Saturday ,25 November

Cabinet Affairs Minister Meets Indonesian Ambassador

GMT 02:34 2018 Thursday ,04 January

Merger creates state-owned gas giant

GMT 10:08 2017 Tuesday ,07 March

Geneva farce: The regime is the opposition

GMT 10:19 2017 Saturday ,18 November

AJK Prime Minister condemns across LoC shelling

GMT 11:34 2017 Wednesday ,22 March

33 Syrians killed in Air raid on Raqqa’s school

GMT 11:03 2017 Wednesday ,01 March

Asala declares her solidarity with George Wassouf

GMT 17:57 2017 Wednesday ,11 October

Mideast nations turn to private sector

GMT 14:11 2016 Wednesday ,30 November

Tunisia wins billion-dollar pledges to boost economy

GMT 23:41 2017 Tuesday ,26 September

Qatar laborer ‘sacked’ after speaking to UN team

GMT 04:28 2017 Tuesday ,21 March

Enrique Iglesias to headline Bahrain F1
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday