Kellogg to Acquire Lender’s Bagels

Kellogg Inc., the baker of Eggo frozen waffles and purveyor of Frosted Flakes and Rice Krispies cereals, plans to claim another spot on the breakfast table with the purchase of Lender’s Bagels from Kraft Foods Inc. Arnold G. Langbo, chairman and chief executive of Battle Creek, Mich.-based Kellogg, said the $455-million purchase is a perfect fit with the company’s fast-growing business selling waffles, Pop-Tarts and Nutri-Grain bars. Lender’s ranks as the nation’s biggest bagel maker--frozen, refrigerated and fresh--with annual sales of $275 million. For Kraft, the divestiture will bring to an end its participation in the bakery business. It sold off its other bakery businesses more than a year ago to CPC International Inc. for $865 million. Northfield, Ill.-based Kraft is owned by Philip Morris Cos. Kellogg’s stock fell 12.5 cents to close at $68.125; Philip Morris shares climbed 25 cents to $101.375 in NYSE trading. . . . Parsippany, N.Y.-based Nabisco Inc. said it plans to sell four regional brands--Regina Vinegars and Cooking Wines, Wright’s Liquid Smoke, Brer Rabbit Molasses and Vermont Maid Syrups--managed by its Specialty Products Co. unit.