Kellogg is getting out of the cookie business to focus on snacks and cereal
Ferrero will buy Kellogg's Keebler cookies, Famous Amos, Mother's, Murray's, Girl Scout cookies and fruit snacks brands for $1.3 billion. Ferrero makes Nutella, Tic Tacs and Ferrero Rocher chocolates among other confectioneries.Kellogg has been trying to sell off those brands since November. It said the brands weren't a good fit with the rest of the company's offerings, and the company had difficulty devoting the resources necessary to compete in the crowded cookie market.
The deal"[allows] us to significantly diversify our portfolio and capitalize on exciting new growth opportunities in the world's largest cookies market," said Lapo Civiletti, CEO of the Ferrero Group. Christopher Hood, President of Kellogg North America, compared Kellogg's cookie business to Pringles, which the company acquired from Procter & Gamble in 2012.
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