Kellogg’s Sells a Portion of its North American Snacking Business
The consumer foods company announced that “it has reached a definitive agreement to sell selected cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cones businesses to the Ferrero Group.”
The transaction includes brands and assets related to the businesses, as well as, production facilities.
The all-cash deal, which represents a portion of Kellogg’s North America snacking business, is valued at $1.3 billion.
The fast-food retailer will be pilot testing a plant-based version of the Whopper.
The meatless patties will be supplied by Impossible Foods, a plant-based food company.
The chain plans to test out the new menu item across 59 locations in and around the St. Louis area.
Intel Capital Invests $117 Million into Startups
Intel’s global investment organization announced that it has invested in 14 startups focused on the areas of artificial intelligence, manufacturing, healthcare, and communication.
Intel Capital stated that the investments extend into its “recent strategy of taking larger, more strategic positions in portfolio startups.”
The investment arm commits $300 to $500 million per year into innovative and emerging companies.