BATTLE CREEK, Mich. — Battle Creek-based WK Kellogg will have a new owner.
The Ferrero Group, who you may know as the maker of Nutella and Butterfinger, announced it is acquiring WK Kellogg Co. for approximately $3.1 billion.
"We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co. to write the next chapter of our storied legacy," said Gary Pilnick, Chariman and Chief Executive Officer of WK Kellogg Co. in a release.
Calhoun
Battle Creek leaders react to planned sale of W.K. Kellogg Company
Back in 2022, Kellogg announced it planned to split into separate companies. In 2023 it announced North American operations would be headed by WK Kellogg Co, focusing on cereal brands, and the global company would be called Kellanova, focusing on snacks, international cereal brands, and plant based-foods.
Shares of cereal maker WK Kellogg surged on Wednesday after the report was released.
At this point, it is unclear how the deal will impact operations in West Michigan.
The acquisition was first reported by The Wall Street Journal.
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