Mars, whose brands include M&M’s, Snickers and Skittles, is buying food company Kellanova in a deal worth nearly $30 billion, giving it access to a huge portfolio of consumer brands from Cheez-It to Pop-Tarts.
Kellanova, based in Chicago, houses many brands, including Pringles, Town House, MorningStar Farms and Rice Krispies Treats.
Once it is complete, Kellanova will become part of Mars Snacking.
“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement.
Shares of Kellanova rose nearly 8% before the opening bell Wednesday.
Persons:
Mars, Kellanova, Kellogg, Rice Krispies, ” Andrew Clarke, Mars Snacking
Organizations:
Kellogg Co, MorningStar, Rice, Mars Inc
Locations:
Cheez, Chicago, Pringles