Bears QB Mitch Trubisky fumbles his second chance. Ferraro will also acquire the Kellogg fruit snacks businesses, including Stretch Island and Fruity Snacks, along with Keebler’s ice cream cones and pie crust products as part of the deal. The Ferrero Group has acquired the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust business from The Kellogg Co. A package of Famous Amos cookies is shown in a vending machine, in New York, Monday, April 1, 2019. Ernie and his pals will join a new company for the first time since 2001. The companies announced the transaction, which is valued at $1.3 billion, in April. Ferrero last year bought Keebler biscuits from U.S. food group Kellogg Co K.N and launched a Nutella-filled biscuit in an attempt to grab market share from Italian rival Barilla.. Ferrero will also acquire the Kellogg fruit snacks business, including Stretch Island ® and Fruity Snacks along with Keebler’s ® ice cream cones and pie crust products. The Company’s most targeted sectors include food (100%). “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,’ Kellogg’s CEO Steve Cahillane said in a statement. Snack Aisle With $1.3 Billion Acquisition Of Kellogg's Brands Douglas Yu Contributor Opinions expressed by Forbes Contributors are their own. The Bears have been absolutely awful on offense the last two seasons, and it’s hard to see an alleged offensive guru keeping his job when they start cleaning up this mess at the end of the season. Giovanni Ferrero has been on a buying spree in recent years. Know about breaking news as it happens. Our Standards: The Thomson Reuters Trust Principles. Giovanni Ferrero, Executive Chairman of the Ferrero Group, said in a statement that the Kellogg businesses were an excellent strategic fit for the family-owned group. Ferrero will buy Kellogg’s Keebler cookies, Famous Amos, Mother’s, Murray’s, Girl Scout cookies and fruit snacks brands for $1.3 billion. The Ferrero Group’s largest acquisition to date was in 2018, when it acquired Nestlé S.A. - US Confectionary Business for $3.2B.The Ferrero Group has acquired in 2 different US states, and 5 countries. We follow the stories and update you as they develop. Last year it bought Nestle’s U.S. confectionary business, having acquired Ferrara Candy and Fannie May chocolate group in 2017. More than 300 businesses — including Wildberry Pancake and the Chicago Sports Complex — that have been cited one month into citywide orders against indoor gatherings and dining. The acquired brands, including Keebler… See here for a complete list of exchanges and delays. Ferrero beat out lead contender Hostess Brands for the Kellogg cookie assets, the people said. As a result of those deals, Ferrero’s revenue reached $12 billion in the fiscal year ended in August 2018. By Jessica Wohl. Workers want the online retailer to bring back a $2-per-hour pay increase that applied early in the pandemic. The annual showcase of "It’s a Wonderful Life" and "White Christmas" will take place at Chi-Town Movies Drive-In. JP Morgan Securities and Davis Polk & Wardwell LLP advised Ferrero. The Ferrero Group has won out in the race to acquire the cookie business of Kellogg Co., comprising Keebler and other brands. Ferrero SpA (Italian pronunciation: [ferˈrɛːro]), more commonly known as Ferrero Group, is an Italian manufacturer of branded chocolate and confectionery products, and the second biggest chocolate producer and confectionery company in the world. The Ferrero Group, owner of dessert brands like Nutella, announced Monday it will acquire more beloved cookie, fruit snack, pie crust and ice cream cone brands from Kellogg. Joe Biden’s victory in battleground Wisconsin was confirmed Monday following a partial recount that only added to his 20,600-vote margin over President Donald Trump, who has promised to file a lawsuit seeking to undo the results. He added that the deal would also boost the Italian company’s negotiating power with big U.S. retail chains. The businesses being sold by Kellogg had net sales of nearly $900 million in 2018, the U.S. food group said, adding that the deal, which is expected to close by the end of July, will reduce 2019 adjusted earnings per share by less than 5 percent. Ferrero Group's Keebler acquisition, set to close in July, will further propel Ferrara. For perhaps the final time, Trubisky’s mortal sins were upchucked onto the about-to-be-frozen tundra of Lambeau Field for all the NFL to see. Kellogg’s fruit-flavored snacks, pie crusts and ice-cream cones businesses will also pass to the Italian confectioner as part of the deal. Ferrero Completes Acquisition of Kellogg Company’s Cookies and Fruit Snacks Businesses. Kellogg to sell Keebler, Famous Amos to Nutella-owner Ferrero In a statement, Kellogg said the businesses it is selling, including cookies manufactured for the Girl Scouts, produced net sales of nearly $900 million and operating profit of approximately $75 million in 2018. Ferrero, which was founded in the northern Italian town of Alba in 1946, is on an aggressive acquisition campaign under the leadership of Giovanni Ferrero, who took over the company following his father’s death in 2015. Kellogg retained the rights to other Keebler products, such as crackers and salty snacks, either under the Kellogg's or Sunshine names. Published on April 01, 2019. The owner of Twinkies and Ho-Hos had been looking to acquire the Keebler … The $1.3 billion deal includes Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, Little Brownie Bakers, Stretch Island and Fruity Snacks. Next month Ferrero is expected to launch a new Nutella-filled biscuit in France, further expanding the reach of its chocolate and hazelnut spread, which was launched in 1964 by Giovanni’s father Michele Ferrero. Responding to a Sun-Times investigation, the Illinois Democrat says ‘bureaucratic error and complex calculations are preventing well-meaning veterans from transferring benefits they’ve earned.’, Ferrero acquires Keebler, Famous Amos and other Kellogg brands, Hot seat heats up for Bears coach Matt Nagy after humiliating 41-25 loss to Packers. CHICAGO — Under new ownership, the Keebler brand is beginning to roll out updated recipes and packaging for its cookie brands, as well as a new look for Ernie the Elf. Battle Creek-based Kellogg Co. has agreed to sell Keebler, Famous Amos and other cookie and fruit snack operations to the Italian confectionery giant Ferrero Group for $1.3 billion. The Michigan-headquartered Kellogg Company has agreed on the sale of Keebler, Famous Amos, Mother’s and Murray sugar-free cookies, as well as Little Brownie Bakers, which supplies Girl Scouts cookies, for $1.3 billion. The global confectionery company has acquired several other U.S. brands in recent years, including Chicago-based Ferrara Candy Company and Fannie May. The $1.3 billion deal includes Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, Little Brownie Bakers, Stretch Island and Fruity Snacks. Editing by Arun Koyyur and Kirsten Donovan. A $1.3 billion deal was announced April 1 between Kellogg and the Italian food giant, whose U.S. brands include Nutella spread and former Nestlé candy brands like Butterfinger. Comparing him to Patrick Mahomes or Deshaun Watson — two quarterbacks available when Ryan Pace traded up to draft Trubisky four years ago — almost feels cruel. MILAN (Reuters) - U.S. food group Kellogg Co has agreed to sell its Keebler biscuits brand and other assets to Nutella maker Ferrero for $1.3 billion as it focuses on its core cereals and snacks businesses. The deal comes as packaged food companies struggle to adjust to changing consumer tastes and rising demand for low-sugar, healthier items. Ferrero Completes Acquisition of Kellogg Company’s Cookies and Fruit Snacks Businesses Business Wire LUXEMBOURG -- July 29, 2019 The Ferrero Group and its related companies (“Ferrero… Ferrero will buy Kellogg's Keebler cookies, Famous Amos, Mother's, Murray's, Girl Scout cookies and fruit snacks brands for $1.3 billion. All quotes delayed a minimum of 15 minutes. More possibilities with Keebler. The Ferrero Group has acquired 9 companies, including 9 in the last 5 years. Kellogg Co. agreed to sell its cookies and fruit snack brands including Keebler and Famous Amos to Ferrero for $1.3 billion, as the cereal maker … U.S. food group Kellogg Co has agreed to sell its Keebler biscuits brand and other assets to Nutella maker Ferrero for $1.3 billion as it focuses on its core cereals and snacks businesses. Ferrero is best known for the brand Nutella hazelnut cream. Evercore was Kellogg’s lead adviser, while Goldman Sachs was co-adviser. Ferrero will buy Kellogg's Keebler cookies, Famous Amos, Mother's, Murray's, Girl Scout cookies and fruit snacks brands for $1.3 billion. In 2015 he made Ferrero Group’s first branded acquisition, a $170 million deal for the British chocolatier Thorntons. Last summer, The Ferrero Group, maker of Nutella, purchased the 167-year-old Keebler brand along with Famous Amos cookies from Kellogg’s in a deal worth $1.3 billion. Keebler cookies have seen a 55% increase in sales since early March as consumers continue to stock up on beloved indulgences during the pandemic. Powell said that the increase in new COVID-19 cases both in the United States and abroad was "concerning and could prove challenging for the next few months. LUXEMBOURG — The Ferrero Group has completed its acquisition of Kellogg Co.’s cookie, fruit and fruit-flavored snack, ice cream cone and pie crust businesses. “Ferrero is investing in the biscuit business because this category accounts for a significant portion of consumption of sweets outside the meal, a sector next to Ferrero’s core business,” said Marco Eccheli, director at the Italian unit of consulting firm AlixPartners. Kellogg Co. agreed to sell its cookies and fruit snack brands including Keebler and Famous Amos to Ferrero for $1.3 billion, as the cereal maker refocuses on the fast-growing parts of its business. Kellogg will retain its crackers, salty snacks, wholesome snacks, cereals and toaster pastries brands. That portfolio complements its existing brands as nine in 10 confection consumers overlap with cookie and sweet treat shoppers , noted Sarah Kittel, Ferrara’s head of corporate communication. newsletter, City shuts down 300-person party in Wicker Park, other businesses for ‘egregiously’ violating COVID-19 restrictions, Wisconsin confirms Joe Biden as winner following recount, Amazon workers call for pandemic pay and more PPE, Powell says pace of economic improvement has moderated, Armed robber hits 4 cellphone phone stores in Little Village: police, Fauci tells Pritzker: It’s ‘no time to pull back’ from Illinois’ tougher COVID-19 restrictions, Music Box Theatre’s holiday sing-a-long shifts to drive-in experience, Duckworth calls for ‘compassionate resolution’ for vets facing GI Bill problems. Monday’s transaction is Ferrero’s fourth acquisition in the Unites States since 2017 as it looks to expand in a key market for chocolate and biscuits, an area where it is growing rapidly. Kellogg acquired Keebler Foods, founded in 1853, in 2001 for $3.86 billion. As Kellogg sells Keebler to Ferrero, a look back at the elves. Kellogg announced it has reached an agreement to sell its Keebler, Famous Amos, and fruit snacks businesses to Ferrero Group for $1.3 billion.. ALBA, Italy — The Ferrero Group has acquired the cookie, fruit and fruit-flavored snack, ice cream cone and pie crust business from The Kellogg Co. Sign up for the The acquisition is a part of Ferrero's strategy to buy brands which have been neglected within broader food companies' portfolios. Ferrero will also acquire from Kellogg six U.S. food manufacturing facilities located across the country in Allyn, Washington, Augusta, Georgia, Florence and Louisville Kentucky, and two plants in Chicago, Illinois; as well as a leased manufacturing facility in Baltimore, Maryland. Since the acquisition, Ferrara, in partnership with Ferrero, has increased investment in marketing and shopper programs to support the business. Ferrero Enters U.S. A total of 3 acquisitions came from private equity firms.. “We have great respect for Kellogg, its legacy and values, and are proud that Kellogg has chosen Ferrero as a good home for these businesses,” Giovanni Ferrero, executive chairman of Ferrero Group said in a statement. A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.". The group, best known for its Ferrero Rocher pralines and Tic Tac mints, has been buying neglected brands from big food companies, aiming to revive them through investment and innovation.

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