Kellogg says 150 North American workers will depart company as part of Ferrero sale
Kellogg on Tuesday announced the departure of roughly 150 North American-based workers, a change that stems from the company’s approaching sale of some of its businesses to Ferrero Group.
A spokesperson for the snack giant, who in April disclosed plans to sell its cookie assets including Keebler and Famous Amos, said in a statement to FOX Business that the $1.3 billion deal with Ferrero was anticipated to close in late July.
The completed sale will lead to a tighter business portfolio and necessitate “a simpler, more agile and rightsized organization to support it,” Kellogg Company spokesperson Kris Bahner said.
“Today, we are announcing changes to ensure that we are appropriately resourced to support the smaller KNA business, as well as better positioned for long-term, sustainable growth,” Bahner said. “In total, approximately 150 employees in North America will be leaving the company.
The company will wrap up its job cuts and staff reorganization by the end of next year, Kellogg said, according to The Associated Press.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| K | KELLANOVA | 58.45 | -0.30 | -0.51% |
The Battle Creek, Michigan-based company had been trying since November to offload the brands, which also include its fruit-flavored snacks, pie crusts and ice cream cone businesses to instead focus on its salty and wholesome snacking portfolio.
FOX Business’ Jade Scipioni and The Associated Press contributed to this report.