Chocolate is scrumptious when it crunches but it is not as profitable as it used to be.
That is why the company that was involved in inventing milk chocolate is getting out of the confection game.
Nestle SA has chosen to sell its U.S. confectionery unit in the early part of 2018, Bloomberg reported.
After completing its strategic review, the company made the decision to sell, a spokeswoman for the Swiss company told Bloomberg.
The line includes the popular Baby Ruth, Kit Kat, Butterfinger and Wonka brands and the sale is expected to bring $1 billion to $3 billion.
According to Bloomberg, the chocolate market in the United States is not as profitable as it has been in the past.
Hershey Co. agreed to pay $921 million to get into popcorn and potato chips when it acquired Amplify Snack Brands Inc. earlier this week.
Despite the proposed sale, Nestle will still be an everyday part of the lives of the majority of Americans.
The company owns many popular products including Poland Spring and Perrier bottled water, Gerber baby food, Nescafe and Coffee-mate, Stouffer’s, Hot Pockets, Digiorno, Lean Cuisine, Häagen-Dazs and Purina, among its iconic brands.
Wake up right! Receive our free morning news blast HERE
Latest posts by Carmine Sabia (see all)
- Britney Spears shows off her rockin’ new bod, but had to spoil it with a liberal message about ‘Dreamers’ - December 24, 2017
- Border patrol forget they’re supposed to be heartless, deliver beautiful baby at the border - December 24, 2017
- After scoring tax cut victory, Trump sees ‘tremendous Democrat support’ for his next big initiative - December 24, 2017