Kellogg selling Keebler, other brands for $1.3 billion

Kellogg is selling its Keebler and Famous Amos cookie brands

Kellogg is selling its Keebler and Famous Amos cookie brands

Along with Keebler, the Battle Creek, Michigan, company said Monday that it will sell Mother's and Famous Amos cookie brands, as well as its fruit-flavored snack, pie crust and ice cream cone businesses, to the Italian candies maker Ferraro. According to the Associated Press, the Keebler brand, along with Mother's and Famous Amos cookie brands will be part of the sale.

"The Ferrero Group. will acquire the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses from Kellogg Company", which generated sales of approximately $900 million in 2018, it said. Its cookie business, which includes Keebler, Mother's, Famous Amos and Murray's, netted about $900 million previous year.

Kellogg acquired Keebler Foods, which was founded in 1853, in 2001 for $3.86 billion.

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Ferrero, founded as a family business in 1946 and now the third-largest company in the global chocolate confectionery market, has acquired several USA brands and businesses since 2017. "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", Steve Cahillane, Kellogg's chairman and CEO, said in a news release. Ferrero is best known in the U.S.as the maker of Nutella.

The cash transaction is expected to close by the end of July.

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