Kellogg is selling its iconic Keebler cookie brand and other sweet snacks businesses to Ferrero for $1.3 billion.
A package of Famous Amos cookies is shown in a vending machine, in New York, Monday, April 1, 2019. Kellogg is also selling its Mother's and Famous Amos cookie brands, as well as its fruit-flavored snack, pie crust and ice cream cone businesses. Kellogg is selling Keebler cookies and other brands for $1.3 billion, about $2.6 billion less than it spent on that brand alone 17 years ago.
Food producers are trying to find new brands with more growth potential after sweeping shifts in consumer taste, particularly in the U.S.and snack alternatives that are at least perceived to be healthier. Along with Keebler, the Battle Creek, Michigan, company said Monday that it will sell Mother's and Famous Amos cookie brands, as well as its fruit-flavored snack, pie crust and ice cream cone businesses, to the Italian sweets maker Ferraro.
The brands generated sales of $900 million and profits of $75 million last year, according to Kellogg.Ferrero is best known for the brand Nutella hazelnut cream. The company said Monday that it will also acquire six U.S. manufacturing plants from Kellogg.
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Kellogg to Sell Keebler, Other Brands to Ferrero for $1.3 BillionKellogg agreed to sell its Keebler cookie business and other snack and dessert brands to Ferrero for $1.3 billion in cash, as the packaged-food company seeks to shift its portfolio toward what it sees as products with better growth prospects.
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Kellogg sells Keebler and Famous Amos for $1.3 billionKellogg is getting out of the cookie business to focus on snacks and cereal.
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Kellogg may sell Keebler, Famous Amos brands to Ferrero for up to $1.5 billion: reportKellogg Co. is near a deal to sell its Keebler, Famous Amos and fruit snacks units to Ferrero in a deal worth between $1 billion and $1.5 billion, CNBC reported Sunday. Italy-based Ferrero owns Nutella and bought Nestle's U.S. candy business in January 2018. Kellogg has been looking to sell some of its snack-food brands for months as it looks to refocus on its core products. Ferrero beat out Hostess Brands for the cookie brands, CNBC said, and a deal may be announced as soon as Monday.
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