Parsippany-based Ferrero Group will have ownership of Girl Scout cookies, Keebler and more of your favorite snacks after reaching an agreement with Kellogg Company to buy many of its brands for $1.3 billion.
Ferraro -- located on Sylvan Way -- will own Kellogg's fruit-flavored snacks, pie crusts, selected cookies and ice cream cones, according to an announcement made Monday.
Kellogg's will continue to produce many of its famed snacks and breakfast cereals including Rice Krispie Treats, Cheez-It, Frosted Flakes, Pop-Tarts and more.
Ferraro produces nearly 35 brands including Ferraro Rocher, Nutella, Laffy Taffy, SweeTarts, Butterfinger and more.
The businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million last year.
"Assuming the cash proceeds are used only to reduce outstanding debt, the transaction is expected to be less than 5% dilutive to Kellogg's projected 2019 currency-neutral adjusted earnings per share," the release says.
Click here to sign up for Daily Voice's free daily emails and news alerts.