Kellogg Co said on Monday it would sell some assets including cookie brands Keeb...
FILE PHOTO: The company logo and ticker symbol for The Kellogg Company, is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 22, 2019. REUTERS/Brendan McDermid/File Photo
- Kellogg Co said on Monday it would sell some assets including cookie brands Keebler and Famous Amos to Nutella maker Ferrero Group for $1.3 billion, to focus on its core cereal and snacks businesses. The deal comes as Kellogg, like other packaged food companies, has been struggling to adjust to changing consumer tastes and rising competition.
Kellogg is also selling its fruit-flavored snacks, pie crusts and ice-cream cones businesses to Ferrero as part of the deal. The businesses being sold had net sales of nearly $900 million in 2018, Kellogg said, adding the deal, which is expected to close by the end of July, will reduce 2019 adjusted earnings per share by less than 5 percent, excluding the impact of currency fluctuations.Shares of Kellogg, which makes Pringles chips, Eggo waffles and Pop-Tarts, rose about 2 percent before the bell.
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