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Kellogg Is Splitting Into Three Businesses

June 21, 2022: 12:00 AM EST
Kellogg Company has announced its decision to split into three independent companies focusing on cereal, snacks, and plant-based foods. Chairman and CEO Steve Cahillane claimed the division will give each company greater autonomy to encourage innovation and growth. The breakup will occur through two tax-free spinoffs that will be completed by the end of 2023. Cahillane will remain as the CEO of the global snacking business, which will include the snack brands Pringles, Cheez-Its and Pop-Tarts, along with Kellogg's international cereal portfolio, the group's African noodles business and the US Eggo unit. Kellogg’s snacking business will focus on innovation, brand building and expanding internationally, including in South America and AMEA. While much smaller, the plant-based unit will be led by the Morning Star Farms brand and focus on growth and product innovation. Kellogg shares jumped as much as 5.5 percent on the day of the announcement, the most in over a year. Under the plan, Kellogg shareholders will receive shares in the two spinoff companies on a pro rata basis.
Kevin Miller, Deena Shanker, and Bloomberg, "Kellogg to split into three companies focusing on cereal, snacks, and plant-based foods", Fortune.com, June 21, 2022, © Fortune Media IP Limited
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