Nestle said Tuesday it has agreed to sell its US candy business to Italy's Ferrero for CHF 2.8 billion ($2.9 billion, 2.4 billion euros) in cash as the Swiss food giant shakes up its product portfolio.

Nestle's chief executive Mark Schneider said the deal "allows Nestle to invest and innovate across a range of categories where we see strong future growth and hold leadership positions, such as pet care, bottled water, coffee, frozen meals and infant nutrition."

Source: AFP