Nutella Maker Ferrero buys Fannie May

March 17, 2017

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Nutella maker Ferrero has signed a deal to buy U.S. confectioner Fannie May from online retailer 1-800-FLOWERS.COM for $115 million in a move to strengthen the Italian company's presence in the overseas market, they said in a joint statement.

Fannie May, founded in Chicago in 1920, makes chocolate bars, praline and chocolate snacks that are sold mainly through 1-800-FLOWERS.COM.

The United States is the fifth-biggest market for the Italian group, whose total revenue was 10 billion euros ($10.7 billion) in the financial year ended in August.

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