Kellogg to separate into three independent public companies
The proposed separations create greater strategic, operational, and financial focus for each company and its stakeholders.
Kellogg Company announced today that it will separate into three independent public companies, including its North American cereal and plant-based food businesses, via tax-free spin-offs. The Board of Directors' approved plan says that the new companies are each better positioned to unlock their full standalone potential. The three companies, whose names will be determined later, would be the following:
"Kellogg has been on a successful journey of transformation to enhance performance and increase long-term shareowner value. This has included re-shaping our portfolio, and today's announcement is the next step in that transformation," said Steve Cahillane, Kellogg Company's chairman and chief executive officer. "These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities. In turn, each business is expected to create more value for all stakeholders, and each is well positioned to build a new era of innovation and growth."