The Ferrero Group, which calls Piscataway home to its corporate headquarters, said on Thursday that it will acquire WK Kellogg Co for approximately $3.1 billion.
The acquisition, which includes the manufacturing, marketing and distribution of WK Kellogg Co’s iconic portfolio of breakfast cereals across the United States, Canada and the Caribbean, is part of Ferrero’s plan for strategic growth and expands the company’s reach.
“I am thrilled to welcome WK Kellogg Co to the Ferrero Group. This is more than just an acquisition — it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers,” Giovanni Ferrero, executive chairman of the Ferrero Group said. “Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S. Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead.”
In North America Ferrero’s portfolio includes Nutella®, Kinder®, Tic Tac®, and Ferrero Rocher® as well as iconic American brands such as Butterfinger®, Keebler®, and Famous Amos®. It also includes confectionery brands like Jelly Belly®, NERDS®, and Trolli® as well as frozen treat brands like Blue Bunny®, Bomb Pop®, and Halo Top®.
The Italian candy maker said it plans to invest in and grow WK Kellogg Co’s iconic brands including Kellogg’s Frosted Flakes®, Kellogg’s Froot Loops®, Kellogg’s Frosted Mini Wheats®, and many more.
“We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co to write the next chapter of our company’s storied legacy,” Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg Co, said. “Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market.”
Lapo Civiletti, chief executive officer of the Ferrero Group, added, “WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group. Enhancing our portfolio with these complementary household brands marks an important step towards expanding Ferrero’s presence across more consumption occasions and reinforces our commitment to delivering value to consumers in North America.”
