By Ovunc Kutlu
ISTANBUL (AA) - American multinational food manufacturer Mars said Wednesday it will acquire global snacking and cereal firm Kellanova for $35.9 billion.
Kellanova saw net sales of more than $13 billion last year. It operates in 180 countries and has approximately 23,000 employees.
The company is known for Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats and Kellogg’s.
“This is a truly historic combination with a compelling cultural and strategic fit," Kellanova Chairman, President and CEO Steve Cahillane said in a statement.
Mars, which recorded net sales of more than $50 billion last year, has brands like Snickers, M&M’s and Twix in its portfolio.
Upon the completion of the transaction, Kellanova will become part of Mars Snacking, according to the statement.
"In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars CEO Poul Weihrauch.