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Nestlé sells Italian candy brands to Fida

Nestlé has announced plans to sell its Italian confectionery brands to Italian group Fida, which is has a leading position in the jelly sweet market.

Nestlé has entered into an agreement to sell its Italian confectionery brands, which include Rossana and Glacia, to Italian group Fida for an undisclosed sum. The deal, which also includes Nestlé’s Fluxes, Fruttallegre and Lemoncella brands, is set to strengthen Fida’s position in the candy market, which stands at 3.5%. Fida’s sales reached $16.8 million in 2015 and its confectionery brands include Bonelle, Sanagola, Charms, Gnammy, Tenerezze and Gocce. When the selling is completed, all of the products will be produced Fida’s Castagnole Lanze factory in Asti, Italy. Fida president and CEO Eugenio Pinel said the agreement will allow it to strengthen the company’s market position by expanding their product portfolio. The transaction is expected to close by the end of June.

Source: BBM Magazine