Kellanova leadership announces completion of its separation from Kellogg
Formerly Kellogg Co., it is now two separate entities: WK Kellogg Co and Kellanova.
Courtesy of Kellanova
Kellanova (formerly known as Kellogg Company) announced the completion of the previously announced separation of its North American cereal business, WK Kellogg Co, resulting in two independent, public companies. According to company leaders, the move will leave each better positioned to unlock its full standalone potential.
The separation was achieved through the distribution of all of the shares of WK Kellogg Co to holders of Kellanova common stock, 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 the record date of September 21.
WK Kellogg Co will begin regular way trading on the iconic New York Stock Exchange ("NYSE") today 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," says Steve Cahillane, Kellanova chairman and CEO. "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."
With projected 2024 net sales of approximately $13.4-13.6 billion, Kellanova is a global snacks-led powerhouse with a portfolio of well-known brands, including Pringles, Cheez-It, Pop-Tarts, Kellogg's Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBAR, and Eggo. Kellanova also stewards a suite of beloved international cereal brands, including Kellogg's, Frosties, Zucaritas, Special K, Krave, Miel Pops, Coco Pops, and Crunchy Nut, among others. While the company's corporate name has changed to Kellanova, the Kellogg's brand will remain on its products around the world.
According to company representatives, Kellanova will benefit from greater operational focus and fit-for-purpose strategy and resource allocation as a standalone operation, investing behind its differentiated brands in an effort to deliver consistently strong net sales and earnings growth over time. This growth is expected to be complemented by improved profitability to be achieved through operating leverage, a mix shift toward its most differentiated brands, building scale in emerging markets, and ongoing productivity and revenue growth management.
Kellanova will maintain dual campuses in Battle Creek, MI; and Chicago, with its corporate headquarters located in Chicago. Kellanova's three international regions in Europe, Latin America, and Asia Pacific/Middle East/Africa will remain at their current headquarters.
Kellogg’s is on the current Snack Food & Wholesale Bakery “Top 50 Snack & Bakery Companies” list. Click here to view the current “Top 50” rankings.
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