Kellogg Co Completes Sale Of Biscuits Brand To Fererro
Published on Jul 29 2019 3:56 PM
Kellogg Company has recently announced that it has completed the sale of Keebler cookies and other selected businesses to the Fererro Group.
In a move to focus on its core cereals and snacks business, in April this year, Kellogg agreed to sell its Keebler biscuits brand and other assets to the Nutella maker for an estimated $1.3 billion.
The deal includes select cookie brands like Keebler, Mother's, Famous Amos, Murray's, and Murray's Sugar Free, as well as cookies manufactured for Girl Scouts of the United States of America.
It also includes Kellogg's Fruity Snacks fruit-flavoured snacks, Stretch Island fruit strips, pie crusts, and ice cream cones businesses.
'Ability To Focus'
"This sale strengthens our ability to focus on the areas of our business with the biggest growth opportunities, which is a key component of our Deploy for Growth Strategy," said Steve Cahillane, chairman, Kellogg's.
The divested brands were a part of Kellogg's North America snacking business unit.
Kellogg has retained the rest of the division, including its crackers, salty snacks, wholesome snacks, and toaster pastries brands.
Aside from the Keebler sale, on the 19th June Kellogg Co said in June that it would also, cut about 150 jobs and take a $35 million hit to trim its North American operations.
It said it expected the restructuring moves in Europe and North America to be completed by end of 2020.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.