Kellogg Company, an American multinational food-manufacturing company, sold Keebler Cookies and related businesses to Ferrero, the third-largest company in the global chocolate confectionary market, for $1.3bn. "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 Chairman and Chief Executive Officer. "Divesting these great brands wasn't an easy decision, but we are pleased that they are transitioning to an outstanding company with a portfolio in which they will receive the focus and resources to grow."