Italian chocolate and confectionery giant Ferrero has announced the completion of its US$3.1bn acquisition of leading cereal producer WK Kellogg.
The move marked a new milestone in Ferrero’s North American growth strategy, the company said in a 29 September statement on its website.
“The acquisition of WK Kellogg Co supports Ferrero’s plan for strategic growth in North America,” Ferrero said. “Ferrero plans to invest in and grow WK Kellogg Co’s iconic portfolio of brands across the USA, Canada and the Caribbean.”
Ferrero is one of the world’s largest chocolate and confectionery companies, purchasing ingredients such as palm oil, cocoa and sugar on a global scale, and with iconic brands including Nutella spread and Kinder and Ferrero Rocher chocolates.
Its acquisition was initially announced in July and approved by WK Kellog Co shareholders in September.
WK Kellogg Co, which separated from the Kellogg Company in 2023, has now been delisted from the New York Stock Exchange and becomes a wholly-owned subsidiary of Ferrero.
The 2023 Kellogg split also resulted in a global snacking business, Kellanova, which Mars is aiming to acquire for US$36bn.
Established in Italy in 1946, the Ferrero group entered the US market in 1969 and its portfolio comprises 35 brands available in over 170 countries.
Its acquisition of WK Kellogg brings a range of well-known cereals under its ownership including Corn Flakes, Rice Krispies, Frosted Flakes, Froot Loops, Special K and Raisin Bran.
Ferrero’s experience in snack bars is expected to drive innovation in new products such as cereal bars or functional breakfast bites such as high-fibre Raisin Bran snacks.
