(MENAFN) Nestle is selling its US sweets and chocolate business to Ferrero Group for 2.7b Swiss francs, as it said it was discharging brands such as Crunch, Nerds, Runts and Butterfinger to focus on other products.

The maker of Nutella spread, Tic Tac and Ferrero Rocher, Italian Ferrero, is to become the third biggest confectionery maker in the US.

According to Ferrero, the brands would give it "substantially greater scale" and "a broader offering of high-quality products" for US customers.

On the other hand, Nestle is moving slowly in the popularity of Mars, Hershey and Lindt, and said its candy business accounted for only 3% of its US sales, as the deal would give it the chance to "invest and innovate" in other areas where it saw better chances.

MENAFN1801201800450000ID1096365840