Michigan-based Kellogg Sells Keebler and Famous Amos to Nutella Maker

Kellogg Co. of Battle Creek is selling  its cookies and fruit snack brands including Keebler and Famous Amos to Ferrero SpA of Italy for $1.3 billion,  Bloomberg reports. 

The cash deal is slated to close by July. The buyer is the second-biggest chocolate producer and confectionery company in the world, and makes the popular spread Nutella.

“Divesting these great brands wasn’t an easy decision,” Steve Cahillane, Kellogg’s chief executive officer, said in a statement. It “will lead to reduced complexity, more targeted investment and better growth.”