Ferrero Group has announced a $3.1bn deal to acquire WK Kellogg Co, strengthening its U.S. manufacturing presence and expanding its portfolio of iconic breakfast cereals.
Under the agreement, Ferrero will pay $23 per share in cash for the company, gaining control of its production, marketing and distribution across the U.S., Canada and the Caribbean.
The acquisition marks a significant step in Ferrero’s North American growth strategy and adds a major manufacturing footprint to its operations. Ferrero and its affiliated companies currently operate more than 22 plants and employ over 14,000 people in the region. Following the deal, Battle Creek, Michigan—home of WK Kellogg Co—will remain a key production hub and become Ferrero’s North America cereal headquarters.
Ferrero plans to invest in WK Kellogg Co’s longstanding production capabilities to support its brands, which include Frosted Flakes®, Froot Loops®, Special K®, and Rice Krispies®. The company said the deal enhances its ability to deliver across more consumption occasions while reinforcing its commitment to U.S.-based manufacturing and job creation.
WK Kellogg Co CEO Gary Pilnick said the transaction provides the company with “greater resources and more flexibility” to grow its operations. Ferrero’s Executive Chairman Giovanni Ferrero described the acquisition as a union of two companies with strong legacies and deep manufacturing roots.
The transaction is expected to close following regulatory approval.
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