Pins matching tag:"WK Kellogg"

Ferrero agreed to buy WK Kellogg Co, maker of Frosted Flakes, Froot Loops, Special K and Rice Krispies in North America, for $23 a share in cash, a 40% premium and a $3.1 billion enterprise value.

WK Kellogg Co became a wholly owned Ferrero subsidiary and left the New York Stock Exchange, with shareholders paid $23 a share in cash a week after approving the deal.

Ferrero's turnover rose 4.6% to EUR 19.3 billion in the year to 31 August 2025, with capital investment of close to EUR 1.1 billion and the WK Kellogg Co cereal deal closing just after year-end.

Ferrero split its top job: Alessandro Nervegna will run the core confectionery, biscuits and better-for-you business, while CEO Lapo Civiletti moves to lead Ferrero Ice Cream and WK Kellogg Co from 1 September 2026.

Ferrero's WK Kellogg Co shut its 1942 cereal plant at 9601 F Street in Omaha, laying off 451 union and non-union workers in two waves from 20 July to 18 August 2026.

Ferrero's WK Kellogg Co is permanently laying off 117 union and non-union workers at its cereal plant at 2168 Frisco Avenue in Memphis between 7 August and 2 October 2026.

Ferrero signed to buy Purely Elizabeth, the Boulder, Colorado granola, oatmeal and cereal brand whose sales more than doubled in two years, adding to its WK Kellogg breakfast business.

Ferrero's new structure took effect: Alessandro Nervegna became CEO of Ferrero Core and Lapo Civiletti, CEO since 2017, became President of Ferrero Ice Cream and WK Kellogg Co, both reporting to Giovanni Ferrero.

Ferrero's consolidated accounts for the year to 31 August 2026, the first full year to include WK Kellogg Co's US cereal business, are expected in mid-February 2027.