Ferrero Group is acquiring WK Kellogg Co. for approximately $3.1 billion, paying $23 per share. This acquisition includes six manufacturing plants and the distribution of breakfast cereals in North America. Established in 1906, Kellogg is famous for its cereals, including Corn Flakes and Froot Loops. Currently, WK Kellogg has been facing a decline in U.S. cereal consumption, with a 6% drop in sales this year compared to 2022. Ferrero, founded in Italy in 1946, is focusing on expanding its U.S. operations through acquisitions.
Ferrero Group will invest $3.1 billion to acquire WK Kellogg Co., paying $23 for each share in an effort to boost North American sales.
Kellogg, founded in 1906, is known for its flaked cereals like Corn Flakes, Frosted Flakes, and Rice Krispies, with operations in the U.S. and Canada.
The U.S. cereal market shows a long-term decline as consumers shift towards protein bars and shakes. Cold cereal sales dropped 6% compared to 2022.
Ferrero, founded in 1946, has been growing its U.S. presence through acquisitions, including Nestlé's candy brands and ice cream maker Wells Enterprises.
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