Italian company Ferrero (Nutella, Tic Tac, Kinder, etc.) is acquiring WK Kellogg, one of the oldest U.S. cereal companies, in a $3.1 billion deal including its debt [1],[2].
The move comes as the breakfast cereal market is in crisis, with consumers turning to cheaper (off-brand) and healthier alternatives. This has led WK Kellogg’s sales to stagnate in recent years, with its debt reaching $569 million in March 2025.
The acquisition brings together two historic companies: the founder of Kellogg invented cornflakes in 1894, while Ferrero has remained in the founding family’s hands since P. Ferrero launched it in 1946.
WK Kellogg was spun off in 2023 from Kellogg Co. as a North American cereal specialist, while the parent company was renamed Kellanova and retained brands like Pop-Tarts and Pringles. A year later, Mars agreed to acquire Kellanova for $36 billion, a deal now under scrutiny by European regulators for possible antitrust violations.
Ferrero’s acquisition of WK Kellogg brings together two companies with deep roots. Kellogg’s founder, Will Keith Kellogg, is credited with inventing cornflakes in 1894, while Ferrero has remained in the hands of its founding family since Pietro Ferrero launched the firm in 1946. His grandson Giovanni now serves as executive chairman.
