BATTLE CREEK, MI — The Kellogg Co. board formally approved the split of the company into two independent entities, Kellanova and WK Kellogg Co. The separation, which was initially announced June 2022, will be finalized Oct. 2.
Once the separation is completed, Kellogg Co. will be renamed Kellanova and will continue to be traded on the New York Stock Exchange under the “K” ticker symbol. The ticker symbol for WK Kellogg Co. will be “KLG.”
“After more than a year of comprehensive planning and execution, we are more confident than ever that the separation will produce two stronger companies and create substantial value for shareowners,” said Steve Cahillane, chair and CEO of Kellogg Co. He will continue in these roles at Kellanova.
Kellanova will focus on snacks and emerging markets and be led by differentiated brands with expansion opportunity. The company is expected to generate about $13 billion in net sales and deliver long-term annual growth rates for net sales, operating profit and earnings per share.
WK Kellogg will build on its foundation of brands and leading position in North American cereal. The company is projected to earn net sales of approximately $2.7 billion in 2024.
“WK Kellogg Co. has a 117-year legacy of innovation and the soul of a start-up, with an organization incredibly energized by our future,” said Gary Pilnick, who will serve as chair and CEO of WK Kellogg Co. “As a standalone company, we will benefit immediately from the executional advantages of increased focus and end-to-end integration, while we modernize our supply chain and substantially improve our profit margins. We’re on a profitable journey to take this great business to the next level.”
