Ferrero has taken a major step toward strengthening its position in the US market by acquiring cereal producer WK Kellogg in a deal worth €3.1 billion.
The Italian confectionery giant, which maintains its administrative headquarters in Luxembourg, announced the agreement alongside WK Kellogg on Thursday.
The acquisition marks the latest shift in a series of corporate reorganisations within the Kellogg empire. Two years ago, Kellogg split into two separate entities: Kellanova, which handles international snack brands like Pringles and Corn Flakes, and WK Kellogg, focused on North American cereal brands including Kellogg’s, Frosties, and Froot Loops.
Kellanova was sold to Mars for $36 billion nearly a year ago. With Ferrero’s purchase of WK Kellogg, iconic US cereals like Rice Krispies and Froot Loops will now fall under the same ownership as Nutella.
