Latest news with #FrostedFlakes
Miami Herald
10-07-2025
- Business
- Miami Herald
Ferrero to buy WK Kellogg in candy-meets-cereal deal
Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced Thursday. The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero's latest push to grow its business in North America following a series of acquisitions in recent years, including buying Nestlé's U.S. confectionery business in 2018. The deal would expand Ferrero's presence in North America and help the company move beyond its candy and snack offerings, Lapo Civiletti, the CEO of the Italian group, said in a statement. Shares of WK Kellogg surged 30% in early trading, rising to just below the acquisition price agreed to by the companies. Merger activity in the food sector has been slow this year as President Donald Trump's volatile trade policy has created uncertainty for company executives and unsettled consumers, according to investment banking firm Capstone Partners. Shoppers, faced with nearly two years of significant price increases for cereals, snacks and other foods at grocery stores, have either cut back or switched to less expensive, private-label store brands. WK Kellogg reported a slump in sales in its first quarter this year because of the 'weaker than expected consumption trends.' The company said sales for the full year would be lower than previously expected, falling as much as 3%. In preliminary results released Thursday, WK Kellogg said it expects sales for the second quarter, which ended June 28, to land between $610 million and $615 million, a decline from the same period last year. The combination with Ferrero would give WK Kellogg 'greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market,' Gary Pilnick, CEO of WK Kellogg, said in a statement. WK Kellogg was created in 2023 when the Kellogg Co. spun it off as an independent company. The larger remaining business, which focused on snacks such as Pringles and Cheez-It, was renamed Kellanova. Mars, the company behind M&M's and Snickers, agreed last year to acquire Kellanova in a deal valued at $35.9 billion. Last month, the Federal Trade Commission approved that deal -- a signal that the Trump administration's antitrust regulators might take a less aggressive approach to merger enforcement than their Biden administration predecessors. The timing of Ferrero's latest U.S. acquisition is 'likely based on a struggling share price for WK Kellogg and the FTC's approval without conditions of Mars' acquisition of Kellanova,' said Brad Haller, a senior partner at West Monroe. The Kellanova deal is still facing antitrust review in Europe. This isn't the first deal between Ferrero and Kellogg. Before the spinoff, Ferrero in 2019 acquired the Kellogg Co.'s Keebler cookie brand, Famous Amos cookies, the Kellogg fruit snacks business, and Little Brownie Bakers, the supplier of Girl Scouts cookies. Ferrero's current deal for WK Kellogg is 'relatively small,' meaning it is less likely to face significant regulatory hurdles, said Philip Howard, a professor at Michigan State University, who studies concentration in the food system. 'Since Ferrero is dominant in candy but not breakfast cereal, it probably won't be challenged by regulators in the U.S. or EU,' he added. This article originally appeared in The New York Times. Copyright 2025
Time of India
10-07-2025
- Business
- Time of India
Nutella-maker Ferrero to buy Kellogg's business for $3.1 billion
Italian candy maker Ferrero has agreed to acquire American cereal giant WK Kellogg in a deal valued at $3.1 billion, the companies announced Thursday. The transaction includes the manufacturing, marketing and distribution of Kellogg's portfolio of breakfast cereals across the United States, Canada and the Caribbean, marking Ferrero's push to grow its business in North America. WK Kellogg's shares were up 31% in morning trading on Thursday. WK Kellogg's brands have been struggling with a long-term decline in US cereal consumption as consumers turned to protein bars, shakes and other breakfast items. Cereal sales got a bump during the pandemic as more families stayed home, but sales continued to decline after the pandemic eased. Nutella-maker Ferrero to buy Kellogg's biz for $3.1 billion Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced on Thursday. The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero's latest push to grow its business in North America. Shares of WK Kellogg surged 30% in early trading, rising to just below the acquisition price agreed to by the companies. Merger activity in the food sector has been slow this year as US President Donald Trump 's volatile trade policy has created uncertainty for company executives and unsettled consumers, investment banking firm Capstone Partners said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Shoppers, faced with nearly two years of price increases for cereals, snacks and other foods at grocery stores, have either cut back or switched to less expensive, private-label store brands. WK Kellogg reported a slump in sales in its first quarter this year because of the "weaker than expected consumption trends". The company said that sales for the full year would be lower than previously expected, falling as much as 3%. The combination with Ferrero would give WK Kellogg "greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market", WK Kellogg CEO Gary Pilnick said. WK Kellogg was created in 2023 when the Kellogg Company spun it off as an independent company. The larger remaining business, which focused on snacks like Pringles and Cheez-It, was renamed Kellanova. Mars, the company behind M&M's and Snickers, agreed last year to acquire Kellanova in a deal valued at $35.9 billion. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Boston Globe
10-07-2025
- Business
- Boston Globe
Moderna COVID shot for kids cleared in face of RFK Jr. criticism
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up FOOTWEAR Advertisement Nike to replace Converse CEO in bid to reverse sales slump The Converse and Nike logos are displayed in a store window in Bangkok, Thailand, in 2017. Brent Lewin/Bloomberg Nike Inc. is replacing the chief executive of its Converse subsidiary as it looks to reverse a lengthy sales slump for the struggling sneaker brand. Aaron Cain, a vice president and general manager of Nike's global men's business based at headquarters in Beaverton, Ore., will take the top job at Converse in Boston, according to an internal memo seen by Bloomberg News. Cain, a 21-year Nike veteran, has held roles in the company's sportswear divisions in North America, Europe, and Asia. He takes over for Jared Carver, who's exiting Converse after two years as CEO. 'The time is right for the next chapter of the brand's evolution,' the memo said. Nike confirmed the move. The two executives will work together through the end of the month to facilitate the transition. Converse has struggled to revive sales in recent years, with revenue falling in each of the last eight straight quarters. Sales plummeted 26 percent in its most recent quarter, leaving management scrambling to map a path back to growth. — BLOOMBERG NEWS Advertisement FOOD Ferrero to buy WK Kellogg in candy-meets-cereal deal The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. Scott Olson/Getty Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced Thursday. The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies, and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero's latest push to grow its business in North America following a series of acquisitions in recent years, including buying Nestlé's US confectionary business in 2018. The deal would expand Ferrero's presence in North America and help the company move beyond its candy and snack offerings, Lapo Civiletti, the CEO of the Italian group, said in a statement. — NEW YORK TIMES AUTOMOTIVE Tesla sets date for shareholders meeting after protests A Tesla dealership in Colma, Calif. David Paul Morris/Bloomberg Tesla said Thursday that it would hold a shareholders meeting Nov. 6, nearly four months after what is required under Texas law. The maker of electric cars made the announcement in a regulatory filing, a day after a group of state treasurers, comptrollers, and shareholder representatives sent a letter to the company expressing 'deep concern regarding the lack of timely notice about the date and format of Tesla's 2025 annual general meeting.' Texas, where Tesla is incorporated, requires companies listed on a stock exchange to hold annual meetings within 13 months after the previous meeting. In Tesla's case, that deadline is Sunday. It is unclear whether Tesla will face any penalties for holding a late meeting. In a document, dated Wednesday, filed with the Securities and Exchange Commission, Tesla did not give a reason for delaying the meeting. — NEW YORK TIMES Advertisement ONLINE CRIME AI-generated images of child sexual abuse are flooding the internet Over the past two years, new AI technologies have made it easier for criminals to create explicit images and videos of children. Now, researchers at organizations including the Internet Watch Foundation and the National Center for Missing & Exploited Children are warning of a surge of new material this year that is nearly indistinguishable from actual abuse. New data released Thursday from the Internet Watch Foundation, a British nonprofit that investigates and collects reports of child sexual abuse imagery, identified 1,286 AI-generated videos of child sexual abuse so far this year globally, compared with just two in the first half of 2024. The videos have become smoother and more detailed, the organization's analysts said, because of improvements in the technology and collaboration among groups on hard-to-reach parts of the internet called the dark web to produce them. The rise of lifelike videos adds to an explosion of AI-produced child sexual abuse material, or CSAM. In the United States, the National Center for Missing & Exploited Children said it had received 485,000 reports of AI-generated CSAM, including stills and videos, in the first half of the year, compared with 67,000 for all of 2024. While still a tiny fraction of the total amount of child sexual abuse material found online, which tallied reports in the millions, the police have been inundated with requests to investigate AI-generated images, taking away from their pursuit of those engaging in child abuse. — NEW YORK TIMES Advertisement FAMILY SERVICES Most US adults say child care costs are a 'major problem,' a new AP-NORC poll finds Students at Little Legacy Village Preschool in New York on April 3. ELIAS WILLIAMS/NYT Americans overwhelmingly view the cost of child care as a significant issue, and most support initiatives to offer free or low-cost day care and to require employers to provide paid family leave for parents of babies, according to a new poll. But they're divided over how to solve the problem and what role the government should have in that solution. About three-quarters of US adults see child care costs as a 'major problem,' but only about half say helping working families pay for child care should be a 'high priority' for the federal government, according to the June poll from The Associated Press-NORC Center for Public Affairs Research. The latest congressional package of tax cuts included tax credits and benefits for parents and businesses that assist employees with child care. Those changes have been praised by some, while others say millions of families at lower income levels wouldn't get the full credit and would be affected by cuts in Medicaid and food stamps. — ASSOCIATED PRESS AUTOMOTIVE Ford recalls over 850,000 cars in the US due to potential fuel pump failure Ford is recalling more than 850,000 of its cars across the United States because the low-pressure fuel pump inside the vehicles may fail — and potentially cause an engine stall while driving, increasing crash risks. The recall covers a wide range of Ford and Lincoln-branded vehicles made in recent model years. That includes certain Ford Broncos, Explorers, and F-150s, as well as Lincoln Aviators and Navigators, documents published this week by the National Highway Traffic Safety Administration note. Ford plans to send out notification letters to affected owners starting July 14, to warn of safety risks related to potential fuel pump failure. But a remedy is still 'under development,' the NHTSA's recall report notes. — ASSOCIATED PRESS Advertisement TOURISM The Bad Bunny bump: Star's residency boosts Puerto Rican economy Bad Bunny performs at TD Garden in Boston in 2024. Ben Stas for The Boston Globe/The Boston Globe Puerto Rico's summers are a time when tourism slows, hurricanes threaten, and power outages increase. But this year's doldrums have an unlikely bright spot: Bad Bunny. The superstar's 30-date concert run at the Coliseo de Puerto Rico that starts July 11 has led to a once-in-a-generation surge in flights and hotel bookings that's giving the economy a trap-flavored kick. Discover Puerto Rico, the island's tourism promotion agency, says it's expecting 600,000 visitors during the period — about twice the average for those months — with the concerts pumping an estimated $181 million into the local economy. The agency has no record of a single event that brought this many people to the island, not even Old San Juan's famed annual San Sebastián festival. World tours are common in an era of globalized pop. And they can have a real impact on host cities, with Harvard Business Review estimating that Taylor Swift's blockbuster Eras Tour poured $10 billion into local economies across several continents. But what Bad Bunny is doing — staying put — is unprecedented outside of Las Vegas residencies, said Jorge Pérez, whose company runs the 18,500-seat Coliseo. — BLOOMBERG NEWS
Qatar Tribune
10-07-2025
- Business
- Qatar Tribune
Ferrero to acquire WK Kellogg for $3.1 billion
Agencies Italian confectioner Ferrero, known for brands like Nutella and Kinder, said Thursday it would acquire the century-old U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group said it will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.'s portfolio of breakfast cereals across the U.S., Canada and the Caribbean. WK Kellogg's shares were up 30% in premarket trading on Thursday on reports of the acquisition that was later which was founded in Battle Creek, Michigan, in 1906, makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The current company was formed in 2023, when Kellogg's snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M's maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion. Ferrero Group, which was founded in Italy in 1946, has been trying to expand its U.S. footprint. In 2018, it bought Nestle's U.S. candy brands, including Butterfinger, Nerds and SweeTarts.
Japan Today
10-07-2025
- Business
- Japan Today
Snap, crackle, sale: Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
FILE - This is a shelf of Kellogg's Frosted Flakes cereal at a market in Homestead, Pa., on Monday, Feb. 24, 2025. (AP Photo/Gene J. Puskar, File) By DEE-ANN DURBIN and MICHELLE CHAPMAN Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in an effort to expand its North American sales. The Ferrero Group said Thursday it will pay $23 for each Kellogg share, or approximately $3.1 billion. The transaction includes WK Kellogg Co.'s six manufacturing plants, and the marketing and distribution of its breakfast cereals across the United States, Canada and the Caribbean. WK Kellogg's shares were up 31% in early afternoon trading Thursday. Kellogg was founded in Battle Creek, Michigan, in 1906 after its founder accidentally figured out how to make flaked cereal while he was experimenting with granola. Kellogg still makes Corn Flakes, as well as Froot Loops, Special K, Frosted Flakes, Rice Krispies and other cereals. Kellogg now has four U.S. plants, which are located in Michigan, Pennsylvania, Tennessee and Nebraska. It also has a plant in Mexico and a plant in Canada. The company has around 3,000 employees. The current company was formed in 2023, when Kellogg snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M's maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion. Ferrero Group, which was founded in Italy in 1946, has been trying to expand its U.S. footprint. In 2018 it bought Nestle's U.S. candy brands, including Butterfinger, Nerds and SweeTarts. And in 2022 it bought Wells Enterprises, the maker of ice cream brands like Blue Bunny and Halo Top. WK Kellogg's brands have been struggling with a long-term decline in U.S. cereal consumption as consumers turned to protein bars, shakes and other breakfast items. Cereal sales got a bump during the coronavirus pandemic as more families stayed home, but sales continued to decline after the pandemic eased. At the start of July, U.S. cold cereal sales were down 6% compared to the same period in 2022, according to market research company Nielsen IQ. Kellogg's net sales fell 2% to $2.7 billion in 2024. Brad Haller, a senior partner for mergers and acquisitions at West Monroe, said Kellogg's large distribution network and relationships with grocery chains in North America is appealing to Ferrero because it would help the European company negotiate pricing and positioning for its products. The purchase also helps Ferraro expand beyond snacks and sweets and into a meal category, Haller said. But the company also may wind up cutting Kellogg brands or shutting down manufacturing plants. 'As Americans, these brands are iconic and beloved by us, but a European company buying these wouldn't have the same nostalgia,' Haller said. Kellogg has had other issues. A nearly three-month strike by workers at all its U.S. cereal plants in late 2021 hurt sales. And last fall, dozens of people rallied outside the company's Battle Creek headquarters demanding that Kellogg remove artificial dyes from its cereals. Earlier this year, Kellogg said it was reformulating cereals sold to schools to remove artificial dyes and will not include them in any new products starting in January. Ferrero's acquisition, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg's stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
