Nestle may sell US candy business
Posted: Jun 16, 2017 11:01 AM CDT
(CBSNews) Nestle may sell its U.S. candy business, which makes classics like the Butterfinger candy bar, Raisinets and Nerds.
The Swiss company said Thursday that it will wrap up a review of strategic options for the business by the end of this year. Nestle says the review doesn't affect its Toll House baking products in the U.S. or Kit Kat overseas.
In the U.S., Kit Kat is licensed to Hershey and isn't part of Nestle's portfolio.
The company said earlier this year that candy sales in 2016 were disappointing, and global pricing pressure has forced it to cut costs.
The global food giant said its candy unit represents about 3 percent of its U.S. sales. Nestle also makes Purina pet food, bottled water, Stouffer's and Gerber baby foods.