Last year it bought Nestleâs U.S. confectionary business, having acquired Ferrara Candy and Fannie May chocolate group in 2017. Ferrero, which was founded in the northern Italian town of Alba in 1946, is on an aggressive acquisition campaign under the leadership of Giovanni Ferrero, who took over the company following his fatherâs death in 2015. Ferraro will also acquire the Kellogg fruit snacks businesses, including Stretch Island and Fruity Snacks, along with Keebler’s ice cream cones and pie crust products as part of the deal. Ferrero will also acquire the Kellogg fruit snacks business, including Stretch Island ® and Fruity Snacks along with Keeblerâs ® ice cream cones and pie crust products. The Ferrero Groupâs largest acquisition to date was in 2018, when it acquired Nestlé S.A. - US Confectionary Business for $3.2B.The Ferrero Group has acquired in 2 different US states, and 5 countries. Ferrero Enters U.S. Ferrero will also acquire from Kellogg six U.S. food manufacturing facilities located across the country in Allyn, Washington, Augusta, Georgia, Florence and Louisville Kentucky, and two plants in Chicago, Illinois; as well as a leased manufacturing facility in Baltimore, Maryland. We follow the stories and update you as they develop. The deal comes as packaged food companies struggle to adjust to changing consumer tastes and rising demand for low-sugar, healthier items. A package of Famous Amos cookies is shown in a vending machine, in New York, Monday, April 1, 2019. A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.". Since the acquisition, Ferrara, in partnership with Ferrero, has increased investment in marketing and shopper programs to support the business. The Companyâs most targeted sectors include food (100%). Evercore was Kelloggâs lead adviser, while Goldman Sachs was co-adviser. Our Standards: The Thomson Reuters Trust Principles. The $1.3 billion deal includes Keebler, Motherâs, Famous Amos, Murrayâs and Murrayâs Sugar Free, Little Brownie Bakers, Stretch Island and Fruity Snacks. “Divesting these great brands wasn’t an easy decision, but we are pleased that they are transitioning to an outstanding company with a portfolio in which they will receive the focus and resources to grow,’ Kellogg’s CEO Steve Cahillane said in a statement. Joe Biden’s victory in battleground Wisconsin was confirmed Monday following a partial recount that only added to his 20,600-vote margin over President Donald Trump, who has promised to file a lawsuit seeking to undo the results. The Ferrero Group has acquired the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust business from The Kellogg Co. Battle Creek-based Kellogg Co. has agreed to sell Keebler, Famous Amos and other cookie and fruit snack operations to the Italian confectionery giant Ferrero Group for $1.3 billion. The $1.3 billion deal includes Keebler, Motherâs, Famous Amos, Murrayâs and Murrayâs Sugar Free, Little Brownie Bakers, Stretch Island and Fruity Snacks. Keebler cookies have seen a 55% increase in sales since early March as consumers continue to stock up on beloved indulgences during the pandemic. More possibilities with Keebler. JP Morgan Securities and Davis Polk & Wardwell LLP advised Ferrero. The Ferrero Group has acquired 9 companies, including 9 in the last 5 years. Ferrero Group's Keebler acquisition, set to close in July, will further propel Ferrara. Ernie and his pals will join a new company for the first time since 2001. Kellogg to sell Keebler, Famous Amos to Nutella-owner Ferrero Ferrero last year bought Keebler biscuits from U.S. food group Kellogg Co K.N and launched a Nutella-filled biscuit in an attempt to grab market share from Italian rival Barilla.. ALBA, Italy â The Ferrero Group has acquired the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust business from The Kellogg Co. “We have great respect for Kellogg, its legacy and values, and are proud that Kellogg has chosen Ferrero as a good home for these businesses,” Giovanni Ferrero, executive chairman of Ferrero Group said in a statement. He added that the deal would also boost the Italian companyâs negotiating power with big U.S. retail chains. Powell said that the increase in new COVID-19 cases both in the United States and abroad was "concerning and could prove challenging for the next few months. Next month Ferrero is expected to launch a new Nutella-filled biscuit in France, further expanding the reach of its chocolate and hazelnut spread, which was launched in 1964 by Giovanniâs father Michele Ferrero. âFerrero is investing in the biscuit business because this category accounts for a significant portion of consumption of sweets outside the meal, a sector next to Ferreroâs core business,â said Marco Eccheli, director at the Italian unit of consulting firm AlixPartners. U.S. food group Kellogg Co has agreed to sell its Keebler biscuits brand and other assets to Nutella maker Ferrero for $1.3 billion as it focuses on its core cereals and snacks businesses. Last summer, The Ferrero Group, maker of Nutella, purchased the 167-year-old Keebler brand along with Famous Amos cookies from Kelloggâs in a deal worth $1.3 billion. All quotes delayed a minimum of 15 minutes. The acquired brands, including Keeblerâ¦ Kelloggâs fruit-flavored snacks, pie crusts and ice-cream cones businesses will also pass to the Italian confectioner as part of the deal. Bears QB Mitch Trubisky fumbles his second chance. Kellogg announced it has reached an agreement to sell its Keebler, Famous Amos, and fruit snacks businesses to Ferrero Group for $1.3 billion.. Giovanni Ferrero has been on a buying spree in recent years. The companies announced the transaction, which is valued at $1.3 billion, in April. Know about breaking news as it happens. A total of 3 acquisitions came from private equity firms.. Kellogg retained the rights to other Keebler products, such as crackers and salty snacks, either under the Kellogg's or Sunshine names. The group, best known for its Ferrero Rocher pralines and Tic Tac mints, has been buying neglected brands from big food companies, aiming to revive them through investment and innovation. Kellogg Co. agreed to sell its cookies and fruit snack brands including Keebler and Famous Amos to Ferrero for $1.3 billion, as the cereal maker refocuses on the fast-growing parts of its business. For perhaps the final time, Trubisky’s mortal sins were upchucked onto the about-to-be-frozen tundra of Lambeau Field for all the NFL to see. By Jessica Wohl. Ferrero will buy Kelloggâs Keebler cookies, Famous Amos, Motherâs, Murrayâs, Girl Scout cookies and fruit snacks brands for $1.3 billion. A $1.3 billion deal was announced April 1 between Kellogg and the Italian food giant, whose U.S. brands include Nutella spread and former Nestlé candy brands like Butterfinger. The owner of Twinkies and Ho-Hos had been looking to acquire the Keebler â¦ Kellogg will retain its crackers, salty snacks, wholesome snacks, cereals and toaster pastries brands. In a statement, Kellogg said the businesses it is selling, including cookies manufactured for the Girl Scouts, produced net sales of nearly $900 million and operating profit of approximately $75 million in 2018. As a result of those deals, Ferreroâs revenue reached $12 billion in the fiscal year ended in August 2018. In 2015 he made Ferrero Groupâs first branded acquisition, a $170 million deal for the British chocolatier Thorntons. Snack Aisle With $1.3 Billion Acquisition Of Kellogg's Brands Douglas Yu Contributor Opinions expressed by Forbes Contributors are their own. CHICAGO â Under new ownership, the Keebler brand is beginning to roll out updated recipes and packaging for its cookie brands, as well as a new look for Ernie the Elf. Comparing him to Patrick Mahomes or Deshaun Watson — two quarterbacks available when Ryan Pace traded up to draft Trubisky four years ago — almost feels cruel. Kellogg acquired Keebler Foods, founded in 1853, in 2001 for $3.86 billion. The Michigan-headquartered Kellogg Company has agreed on the sale of Keebler, Famous Amos, Mother’s and Murray sugar-free cookies, as well as Little Brownie Bakers, which supplies Girl Scouts cookies, for $1.3 billion. 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 Completes Acquisition of Kellogg Companyâs Cookies and Fruit Snacks Businesses. The Bears have been absolutely awful on offense the last two seasons, and it’s hard to see an alleged offensive guru keeping his job when they start cleaning up this mess at the end of the season. Published on April 01, 2019. MILAN (Reuters) - U.S. food group Kellogg Co has agreed to sell its Keebler biscuits brand and other assets to Nutella maker Ferrero for $1.3 billion as it focuses on its core cereals and snacks businesses. The annual showcase of "It’s a Wonderful Life" and "White Christmas" will take place at Chi-Town Movies Drive-In. Editing by Arun Koyyur and Kirsten Donovan. Responding to a Sun-Times investigation, the Illinois Democrat says ‘bureaucratic error and complex calculations are preventing well-meaning veterans from transferring benefits they’ve earned.’, Ferrero acquires Keebler, Famous Amos and other Kellogg brands, Hot seat heats up for Bears coach Matt Nagy after humiliating 41-25 loss to Packers. Workers want the online retailer to bring back a $2-per-hour pay increase that applied early in the pandemic. Giovanni Ferrero, Executive Chairman of the Ferrero Group, said in a statement that the Kellogg businesses were an excellent strategic fit for the family-owned group. Ferrero SpA (Italian pronunciation: [ferËrÉËro]), more commonly known as Ferrero Group, is an Italian manufacturer of branded chocolate and confectionery products, and the second biggest chocolate producer and confectionery company in the world. Kellogg Co. agreed to sell its cookies and fruit snack brands including Keebler and Famous Amos to Ferrero for $1.3 billion, as the cereal maker â¦ See here for a complete list of exchanges and delays. LUXEMBOURG â The Ferrero Group has completed its acquisition of Kellogg Co.âs cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses. That portfolio complements its existing brands as nine in 10 confection consumers overlap with cookie and sweet treat shoppers , noted Sarah Kittel, Ferraraâs head of corporate communication.
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