Nestle is selling its US sweets and chocolate business to Ferrero Group for US$2.8 billion.
The Swiss food giant said it was offloading brands such as Crunch, Nerds, Runts and Butterfinger to focus on other products.
Italy's Ferrero, which makes Nutella spread, Tic Tac and Ferrero Rocher, will become the US's third-biggest confectionery maker.
The deal is expected to go through by March this year.
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