Nestlé in first divestment

NESTLÉ aims to sell its US confectionery unit by the end of March as chief executive Mark Schneider seeks to clinch his first major divestment at the world’s largest food company. The sales process is “robust” and the Swiss KitKat maker expects to reach a sale in the first quarter of 2018, a spokesperson said in response to questions. Nestlé has made a definite decision to proceed with the divestment after completing its strategic review, she said. Analysts have estimated the unit could fetch $1 billion (R12.15bn) to $3bn. The sale would be the first major step away from the industry by the company that invented milk chocolate. The US chocolate market is sputtering, and in August, Lindt & Spruengli blamed North America when it forecast the weakest revenue growth in at least eight years. – Bloomberg