Kellogg: sells cookies business to cut debt

(CercleFinance.com) - Kellogg has reached a definitive agreement to sell its cookies, fruit snacks, pie crusts and ice cream cones businesses to Italy's Ferrero for about 1.
3 billion dollars (1.2 billion euros).

"This divestiture is yet another action we have taken to reshape and focus our portfolio, which will lead to reduced complexity, more targeted investment, and better growth," said Steve Cahillane, Kellogg's CEO.

The cereal maker is trying to reduce a 9.4 billion dollars debt pile.

Kellogg said it will retain the rest of its North America snacking businesses, including its crackers, salty snacks, wholesome snacks and toaster pastries brands.

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