Global food brand Mars Incorporated will acquire international snacking company Kellanova for $35.9 billion to expand its snacking offering and reach more consumers across the world.
Upon completion of the transaction, Kellanova will become part of Mars Snacking. Mars said it intended to apply its brand-building approach to grow Kellanova’s brands.
Kellanova is home to brands such as Pringles, NutriGrain and Pop-Tarts, as well as brands such as Kellogg’s. In 2023 it achieved sales of more than $13 billion, with a presence in 180 markets and approximately 23,000 employees.
The existing Mars portfolio includes brands like Snickers, M&Ms and Twix, achieving net sales of over $50 billion in 2023.
Poul Weihrauch, CEO and office of the president of Mars, Incorporated, said: “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. We will honour the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team.”
Steve Cahillane, chairman, president and CEO of Kellanova, added: “This is a truly historic combination with a compelling cultural and strategic fit. Kellanova has been on a transformation journey to become the world’s best snacking company, and this opportunity to join Mars enables us to accelerate the realisation of our full potential and our vision.
“This is an exciting opportunity to create a broader, global snacking business, allowing Kellanova and Mars Snacking to both achieve their full potential.”
Andrew Clarke, global president of Mars Snacking.
“The transaction maximises shareholder value through an all-cash transaction at an attractive purchase price and creates new and exciting opportunities for our employees, customers, and suppliers. We are excited for Kellanova’s next chapter as part of Mars, which will bring together both companies’ world-class talent and capabilities and our shared commitment to helping our communities thrive. With a proven track record of successfully and sustainably nurturing and growing acquired businesses, we are confident Mars is a natural home for the Kellanova brands and employees.”
Andrew Clarke, global president of Mars Snacking, commented: “This is an exciting opportunity to create a broader, global snacking business, allowing Kellanova and Mars Snacking to both achieve their full potential. Kellanova and Mars share long histories of building globally recognised and beloved brands. The Kellanova brands significantly expand our Snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth. Our complementary portfolios, routes-to-market and R&D capabilities will unleash enhanced consumer-centric innovation to shape the future of responsible snacking.”
