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Marsmanufacturer of M&M and of Snickerannounced that it will buy the food manufacturer Kellanova for $35.9 billion, a multi-billion dollar deal that creates a new giant in the industry.
The agreement “accelerates the ambition to double Mars Snacking over the next decade, in line with global consumer trends,” Mars said in a statement, according to which the company will thus acquire two multi-billion dollar brands such as Pringles and the Cheez-It.
“Snacks are a broad and attractive category that continues to gain traction with consumers,” Mars added.
Kellanova, that produces cereals Kellog’sreported sales of 13 billion dollars in 2023. It is present in 180 markets and has about 23 thousand employees.
The release adds that most of Kellanova’s snack brands outperform their competitors, especially among Gen Z and millennial shoppers.
“We have a huge opportunity to Mars continue to develop a sustainable activity in the industry,” said the general manager of Mars, Poul Weihrauch, quoted in the statement.
The combined portfolio of both companies will also enable them to meet the growing demand of markets such as AL y Africa, due to their local supply chains and operations.
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2024-08-21 21:48:27