See what’s clicking on FoxBusiness.com
The Kellogg Company has released the names of the two separate companies it intends to split into.
In a press release Wednesday, Kellogg said WK Kellogg Co would be the name of the publicly traded company that will comprise its North American grains business after the proposed separation is complete. The name derives from one of the founders of the Kellogg Company.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The other will be named Kellanova. It will include Kellogg’s “snacking, international cereal and pasta, plant-based foods and North American frozen breakfast business,” with brands including Pringles, Cheez-It, Morningstar Farms, Eggo, Zucaritas and Coco Pops, Kellogg said. The stock symbol “K” becomes Kellanovas.
The Kellogg Company has released the names of the two separate companies it plans to split into. (iStock)
“The ‘Kell’ openly acknowledges our enduring association with the Kellogg Company, while ‘anova’, combining the ‘a’ and the Latin word ‘nova’, meaning ‘new’, signals our ambition to continually innovate as the next company Generation, global snacking powerhouse,” said Steve Cahillane, CEO of the Kellogg Company, in the statement.
Kellogg’s Corn Flakes, owned by the Kellogg Company, goes on sale at a store in Queens, New York on February 7, 2022. (Portal/Andrew Kelly/File/Portal)
Products released by the companies will continue to carry the Kellogg’s brand on the packaging, according to the press release.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| K | KELOGG CO. | 65.26 | +0.61 | +0.94% |
By the end of the year, Kellogg expects to spin off from WK Kellogg Co. It has not yet been announced what that company’s ticker symbol will look like.
GE HEALTHCARE SPIN-OFF SHARES MAKE TRADING DEBUT ON NASDAQ
The two names come about a month after Kellogg said it would keep its plant-based foods segment rather than spin it off or sell it. This was a change from June 2022, when Kellogg’s breakup plans included splitting into three parts.
Products released by the companies will continue to carry the Kellogg’s brand on the packaging, according to the press release. (Portal / Mario Anzuoni / File / Portal)
“Given current market conditions, as well as our confidence in this business as a long-term growth vehicle, we have made the decision to retain it as part of the Global Snacking Company,” Cahillane said on the conference call in early February.
Cahillane will lead Kellanova, while Gary Pilnick will be Chief Executive Officer-elect of WK Kellogg Co.
Kellogg’s net sales for the fourth quarter were $3.83 billion, up 12% from the $3.41 billion reported for the same period last fiscal year. It also had a net loss of $98 million for the quarter.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS