Tokyo/New York: Kellogg Co. agreed to sell its cookies and fruit snack brands—including Keebler and Famous Amos—to Ferrero SpA for $1.3 billion, as the cereal maker refocuses on the fast-growing parts of its business. As part of the deal, Ferrero will acquire six US food manufacturing facilities, plus a leased facility in Baltimore. Kellogg announced last year it was looking for buyers for the snacks businesses as part of its strategic plan. Kellogg bought Keebler in 2001 for more than $4 billion in cash and assumed debt. The company also was said to be among suitors expressing early interest in buying international and fresh food businesses being sold by Campbell.

Source: Mint April 01, 2019 14:03 UTC