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Thursday, Nov 30, 2023

Nestle May Sell U.S. Candy Operations

Nestle is considering a sale of its U.S. candy business, the Swiss-based conglomerate with U.S. headquarters in Glendale announced Thursday. The company’s sales of candy in the U.S., which includes some well-known brands such as BabyRuth, Butterfinger, Crunch and SweeTarts, generated revenue of about $923 million in 2016, according to the company. Nestle’s total revenues for all of its businesses was almost $92 billion last year. The move comes as other candy companies, including such as Virginia-based Mars Inc., are trying to shift their business away from sugar in response to Americans’ changing dietary preferences. Nestle plans to keep its Toll House baking products and global confectionary business, which includes KitKat, the announcement said. Nestle’s other business lines include pet food, bottled water and coffee. Its largest business, powdered and liquid beverages, generated $20.3 billion last year. Nestle announced in February that it would start moving its U.S. headquarters to Rosslyn, Va. later this year.

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