Nestle says sells US candy business to Ferrero for $2.8 billion

GENEVA, Switzerland - 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.

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." —  Agence France-Presse