FMCG
Italian Chocolate Billionaire Giovanni Ferrero Buys WK Kellogg for $3.1 Billion in Bold U.S. Expansion
Ferrero, the company behind beloved treats like Nutella, Ferrero Rocher, and Kinder, just made its biggest U.S. move yet—snapping up cereal titan WK Kellogg for a staggering $3.1 billion. The acquisition signals a dramatic shift in the global breakfast and snack food landscape, and it’s all part of a calculated decade-long strategy by Giovanni Ferrero, the Italian billionaire who now ranks among the world’s richest.
The deal brings iconic cereal brands, such as Froot Loops, Frosted Flakes, and Corn Flakes, under Ferrero’s ever-expanding global food empire. The move is more than just another big-money merger—it’s the latest step in Ferrero’s mission to dominate the U.S. packaged food market.
From Hazelnuts to Household Cereal Brands
Since taking over after the deaths of his brother, Pietro (2011), and father, Michele Ferrero (2015), Giovanni Ferrero has transformed the family business from a Euro-centric chocolate company into a diversified food giant. With over $13 billion in acquisitions across nine countries, Ferrero now owns more than 20 popular food brands.
The WK Kellogg buyout adds another $2.7 billion in annual revenue, pushing Ferrero’s total above $20 billion, with profits nearly doubling since Giovanni Ferrero became the sole decision-maker. It also allows Ferrero to tap into the massive $12 billion U.S. cereal market, putting it in direct competition with household giants like General Mills and Post Holdings.
How the Deal Fits Ferrero’s US Playbook
Ferrero has been quietly building a formidable portfolio in the United States. In 2018, the company acquired Nestlé’s US candy business for $2.8 billion, acquiring brands such as Butterfinger, Nerds, and SweetTarts. That was followed by the $1.3 billion purchase of Kellogg’s cookies and snacks division, bringing Keebler, Famous Amos, and Mother’s Cookies into the fold.
“Over recent years, Ferrero has expanded its presence in North America,” Giovanni said. “Today’s news is a key milestone in that journey.”
Ferrero’s Billionaire Vision
Now worth $41.2 billion, Giovanni Ferrero is Italy’s richest person and one of the top 40 wealthiest people in the world. His long-term goal? Grow Ferrero by 7.33% annually and double its size within a decade. So far, he’s almost there—revenues have surged 84% since 2017.
With WK Kellogg added to the portfolio, Ferrero may soon overtake global competitor Mars in snack sales—at least until Mars finalizes its $36 billion Kellanova deal. For now, Ferrero’s bold, acquisition-led strategy appears to be paying off handsomely.
With iconic cereals now joining its chocolate kingdom, Ferrero’s U.S. footprint is bigger than ever. Analysts say the move gives the company more bargaining power with American retailers and diversifies it beyond sweets.
Whether it’s your snack break or breakfast bowl, chances are Giovanni Ferrero is behind it—and he’s not done shopping yet.
