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That's Nuts
By Clint Rainey
That’s one weeks’ worth right there. Photo: Dado Ruvic/Reuters/Corbis
Turkey, home to 70 percent of Earth’s hazelnuts, was hit with some frost this winter, which badly devastated the harvest and almost doubled the price of the nuts. But Nutella, disputedly the reason hazelnuts exist in the first place, will probably be just fine because, when you use a quarter of the planet’s supply for your entire line of spreads and confections, you do things like buy large nut-producing companies outright. Ferrero’s recent business move epitomizes the unstoppable popularity of the spread, sales of which increased 6.4 percent last year. [Businessweek]
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