Kellogg (K) will have come up with a new look by the end of the year as it embarks on a valuation-boosting initiative for its investor base.
The cereal and snack giant this week announced the new names of its two companies once it completes a proposed separation later this year: Kellanova and WK Kellogg Co.
“It was a daunting task when you think about renaming a 117-year-old, well-known company,” Kellogg CEO Steve Cahillane told Yahoo Finance Live (video above). Cahillane added that consumers will continue to see the Kellogg’s brand name on cereal and other brands.
New Kellogg logos to reflect upcoming spin-off into two companies: Kellanova and WK Kellogg Co.
Kellanova will be home to well-known snack brands such as Pringles, Cheez-It and Pop-Tarts, as well as its plant-based food company, Morningstar.
The Kellanova business, which will be managed by Cahillane, is scheduled to trade on the New York Stock Exchange under Kellogg’s current ticker symbol “K.” According to Kellogg, the Kellanova name will continue the legacy of the 117-year-old company while signaling a new era of growth.
The traditional grain business, which goes by names like Froot Loops and Corn Flakes, will be called WK Kellogg Co – a nod to the company’s founder, William Keith Kellogg. The company’s stock symbol and stock information will be released in the coming months.
Kellogg’s Corn Flakes, owned by the Kellogg Company, are displayed for sale at a store in Queens, New York City, on February 7, 2022. Portal/Andrew Kelly
Cahillane originally announced in June 2022 the food giant’s split into three distinct businesses — cereal, snacks, and plant-based foods — an industry that toppled market leaders Beyond Meat (BYND) and Impossible Foods.
At the time of the announcement, Cahillane told Yahoo Finance Live the split reflected his view that the market didn’t properly appreciate Kellogg’s fast-growing snack food business and its efforts to streamline costs.
Cahillane still believes about nine months after the deals are settled, and says better “focus” will do the companies good.
The story goes on
Brian Sozzi is the Editor-in-Chief of Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
For the latest stock market news and in-depth analysis, including events moving stocks, click here
Read the latest financial and business news from Yahoo Finance