NESTLÉ SELLING U. S. CANDY BUSINESS FOR US$2.8 BILLION

Swiss food group Nestlé has agreed to sell its U. S. confectionary business to Italy’s Ferrero for US$2.8 billion, it said on Tuesday, marking CEO Mark Schneider’s first big sale and a small step on its path towards healthier products. Nestlé, the world’s biggest packagedfood company, has cited its weak position in the United States, where it trails Hershey, Mars Inc and Lindt, as the rationale for a sale. But reduced exposure to chocolate also fits Nestlé’s goal of becoming a “nutrition, health and wellness” company. Nestlé’s U. S. business, home to mass- market products BabyRuth, Butterfinger and Crunch, has been underperforming rivals for years as consumers have turned increasingly towards healthier snacks such as fruit bars and premium chocolate brands such as Lindt.