Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Nestle Crunch bars. Photo: Joe Raedle / Getty Images
Nestle is selling its U.S. candy business to Italy's Ferrero for $2.8 billion, the company said Tuesday. The move follows a push from the Swiss giant's CEO Mark Schneider to keep up with the increasing U.S. demand for healthy snacks.
Why it matters: Nestle said its candy business made up just 3% of its U.S. sales, lagging behind Mars, Hershey and Lindt, reports Reuters, and a sale would help it focus on its many other sectors from around the world. Meanwhile for Ferrero, which will become the U.S.'s third biggest confectionery maker, the deal creates an opportunity for the company to build greater scale in the U.S. market.