BATTLE CREEK, MICH. — Kellogg Co. has completed the separation of its North American cereal business. Going forward, that business will be called the WK Kellogg Co while the company’s global snack business will be called Kellanova.
The separation was achieved through the distribution of all the shares of WK Kellogg Co to holders of Kellanova common stock just after midnight on Oct. 2, with Kellanova shareowners receiving one share of WK Kellogg Co. common stock for every four shares of Kellanova common stock held as of the close of business on of Sept. 21, 2023.
The WK Kellogg Co began trading on the New York Stock Exchange (NYSE) under the ticker symbol "KLG," and Kellanova will continue to trade on the NYSE under the ticker symbol "K."
"With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition," said Steve Cahillane, Kellanova's chairman and chief executive officer. "We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world's best performing snacks-led powerhouse."
The WK Kellogg Co is forecast to generate $2.7 billion in annual sales in 2024, operate six manufacturing plants — four in the United States, one in Canada and one in Mexico — employ 3,000 and manage a portfolio of well-known cereal brands.Kellanova will have approximately $13 billion in annual sales, employ more than 24,000 and have a manufacturing footprint that spans 20 different countries. Key product categories in its portfolio will include snacks, international cereal, frozen foods, noodles and others. Fifty percent of the new business’ sales will come from five brands, including Pringles, Cheez-It, Rice Krispies Treats, Pop-Tarts and Eggo.