Kellogg downgraded to Sell from Neutral at Goldman Goldman Sachs downgraded Kellogg to Sell on expectations the company's sales will miss expectations and its full year guidance could be cut when the company reports on July 31. Goldman thinks sales weakness is wiping out benefits from cost-savings and it lowered its price target for shares to $59 from $64.
Kellogg acquires Mass Food Group for $50M Kellogg announced it has acquired Egypt's cereal company, Mass Food Group. Mass Food Group is a family-owned business headquartered in Cairo. As the first company to introduce breakfast cereal to Egyptian consumers, Mass Food Group has grown into an $18M business with 600 employees in less than 20 years. Kellogg Company has agreed to pay approximately $50M for Mass Food Group. Kellogg Company is financing the transaction with international cash on hand. Due to the size of Mass Food Group's annual sales, the transaction is not expected to have a material impact on Kellogg company's annual operating profit and net earnings in 2015.