New York CNN —
Nutella maker Ferrero Group is buying cereal giant WK Kellogg Co in a $3.1 billion deal.
Shares of WK Kellogg (KLG) jumped more than 30% in early trading. Ferrero said that it “plans to invest in and grow” the Kellogg business, which includes 14,000 employees and 22 plants.
The sale comes at a volatile time for the snack industry, as consumer preferences are changing: Buyers are pulling back spending in response to higher prices, and they’re also shifting to private labels.
WK Kellogg’s CEO Gary Pilnick faced backlash
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