Nestle is selling its U.S. confectionery business to Italian chocolate and candy maker Ferrero for an estimated $2.9 billion, the company announced Tuesday.

Nestle's American sweet treats include Nestle Crunch, Butterfinger, Baby Ruth, Raisinets, Nips and Laffy Taffy.

Nestle’s 2016 U.S. confectionery sales were more than $935 million and represents about 3% of U.S. Nestle Group's sales, according to the Swiss company.

"This move 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," CEO Mark Schneider said in a statement.

Ferrero is best known for its Ferrero Rocher chocolates, but the company also owns favorites Nutella and Tic Tacs.

The sale doesn't include Nestle's global chocolate brand KitKat or the Toll House baking line.

Nestle also owns Purina, Coffee-Mate, Gerber and Stouffer’s.

The candy division sale is expected to be completed near the end of the first quarter, Nestle said.