Kellogg Company has revealed the names of the two independent firms it intends to split into.
In a news release, Kellogg stated that the publicly traded entity comprised of its North American cereal business will be known as WK Kellogg Co once the proposed separation is completed. The name is derived from one of the Kellogg Company’s founders.
The other will be known as Kellanova. Kellogg’s “snacking, foreign cereal and noodles, plant-based foods, and North American frozen breakfast business” will be included, as will brands such as Pringles, Cheez-It, Morningstar Farms, Eggo, Zucaritas, and Coco Pops, according to Kellogg. The stock symbol “Kellanova” will be adopted.
According to the statement, the companies’ products would continue to bear the Kellogg’s brand on the packaging.
Kellogg hopes that WK Kellogg Co will be spun off before the end of the year. It has not yet revealed what the ticker symbol for that corporation will be.
The two names come about a month after Kellogg said that it would neither spin off or sell its plant-based food sector. This was a departure from Kellogg’s original separation plans, which called for the company to be divided into three parts in June 2022.
Cahillane will lead Kellanova, while Gary Pilnick is the CEO-designate of WK Kellogg Co.
Kellogg’s fourth-quarter net sales were $3.83 billion, 12% higher than the $3.41 billion recorded in the same period the previous fiscal year. It also posted a net loss of $98 million during the quarter.
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