Nutella’s Ferrero family to land a sweet €642m dividend

The Ferrero plant in Villers-Ecalles, northwestern France. Picture: AFP/CHARLY TRIBALLEAU

The company reported profit of €928.6m for the fiscal year ended in August, up more than a quarter from the previous 12 months. Profits at the Ferrero family’s operating company have almost doubled since 2008. The firm has embarked on a spending spree to boost its US presence and broaden its product range. In 2018, Ferrero acquired Nestle’s US sweets business for $2.8bn and completed a $1.3bn deal in 2019 for Kellogg’s cookies and fruit snack brands, including Keebler and Famous Amos.

The Ferrero fortune can be traced to a family pastry shop in northern Italy that used hazelnuts as a way to stretch limited cocoa supplies. It grew into a confectionery company, opening production facilities and offices abroad after World War 2. The company introduced the Nutella and Kinder Chocolate brands in the 1960s and expanded with products including Tic Tac mints and Ferrero Rocher.

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