Ferrero, the Italian confectionery giant behind popular brands like Nutella and Kinder, is set to acquire U.S. cereal maker WK Kellogg in a $3.1 billion deal aimed at strengthening its footprint in North America.
The Ferrero Group announced Thursday that it will pay $23 per share for WK Kellogg, a move that includes six manufacturing facilities and control over the company’s cereal marketing and distribution across the U.S., Canada, and the Caribbean.
News of the acquisition sent WK Kellogg’s stock up 31% in Thursday’s afternoon trading.
Founded in 1906 in Battle Creek, Michigan, Kellogg rose to fame after its founder accidentally invented flaked cereal during granola experiments. Today, the company continues to produce iconic brands like Corn Flakes, Froot Loops, Special K, Frosted Flakes, and Rice Krispies.
WK Kellogg currently operates four manufacturing plants in the U.S. — located in Michigan, Pennsylvania, Tennessee, and Nebraska — along with facilities in Mexico and Canada, employing around 3,000 workers.
The cereal-focused company was established in 2023 following a corporate split that separated Kellogg’s snack brands, such as Cheez-Its and Pringles, into a new entity named Kellanova. That firm is now the subject of a nearly $30 billion acquisition deal by M&M’s maker Mars Inc., announced last year.
