Kellogg to sell Keebler cookie unit, other assets to Ferrero for $1.3-billion GlobeBusiness
Kellogg Co said on Monday it would sell some assets including cookie brands Keebler and Famous Amos to Nutella maker Ferrero Group for $1.3-billion, to focus on its core cereal and snacks businesses.
The deal comes as Kellogg, like other packaged food companies, has been struggling to adjust to changing consumer tastes and rising competition. Kellogg is also selling its fruit-flavored snacks, pie crusts and ice-cream cones businesses to Ferrero as part of the deal.The businesses being sold had net sales of nearly $900-million in 2018, Kellogg said, adding the deal, which is expected to close by the end of July, will reduce 2019 adjusted earnings per share by less than 5 per cent, excluding the impact of currency fluctuations.
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