Swiss food and drink company Nestlé SA anticipates the sale of its U.S. confectionery business in the first quarter of 2018, Reuters reported Dec. 21.
"Our strategic review has led to us deciding to divest the business and a robust sale process is currently underway, which we expect to conclude in [the first quarter of] 2018," a company spokesperson said.
Nestlé in June 2017 previously announced its plan to sell the confectionery business following a strategic review that aims to improve its performance. U.S.-based Ferrara Candy Co. in July reportedly showed interest in buying the business, which owns brands such as Butterfinger and BabyRuth.
It said that the decision to sell the confectionery business is based on its weak competitive position. Nestlé ranks No. 4 in the U.S. confectionery segment behind Mars, The Hershey Co. and Mondelez International Inc.