Kellogg Co said the divestiture of its cookie and fruit snack businesses is resulting in $35m in pretax charges, $20m of which are related to employee severance and termination benefits.
Twinkie-maker Hostess Brands and Ferrero are reportedly the frontrunners in the race to buy Kellogg’s Keebler, Famous Amos, Murray and Mother’s cookie businesses, as well Stretch Island fruit snacks business, in a roughly $1.5bn deal.