Post Holdings announced Monday that it has agreed to acquire rival MOM Brands Co. for $1.15 billion ($1.05 billion in cash and $100 million in stock).
MOM markets ready-to-eat and hot cereals, including Malt-O-Meal brand RTE cereals, such as Frosted Mini Spooners and Golden Puffs.
“This provides us scale to be a stronger competitor in the RTE cereal category,” Rob Vitale, Post's president and CEO, said in a conference call to announce the acquisition.
MOM Brands chairman and CEO Chris Neugent will continue to lead the MOM Brands business as president, reporting to Richard Koulouris, who is joining Post Holdings Feb. 9 to lead the combined Post Foods and MOM Brands cereal business.
|Suggested Categories||More from Supermarket News|