Kellogg is selling its Keebler, Famous Amos and fruit snacks businesses, making it the latest Big Food company to look to pare down to focus on its core.
The maker of Special K cereal said Monday it is focusing on its morning foods, snacks and frozen foods brands, which it will consolidate into one unit. Brands like Eggo waffles and Froot Loops comprise 80 percent of the company's revenue.
"We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio," Chairman and CEO Steve Cahillane said in a statement. "Yet, we wholeheartedly believe these iconic and beloved brands can thrive in the portfolio of another organization that can focus on driving growth in these particular categories."