BATTLE CREEK, MI — Kellogg Co. shared that it filed a Form 10 registration statement with the US Securities and Exchange Commission (SEC) regarding the company’s plan to split into two businesses: Kellanova and WK Kellogg Co.
“Today’s Form 10 filing marks another important step toward our planned separation into two established and special businesses,” said Steve Cahillane, chairman and CEO of Kellogg Co. “As stand-alone companies, Kellanova and WK Kellogg Co. will benefit from an enhanced focus that will enable them to better direct their resources toward their distinct strategic priorities, unlocking value for shareowners.”
The form provides information about the WK Kellogg Co. portfolio, strategy, risk factors, management and business dynamics, along with other key financial information.
The plan to divide the company, announced last June, is set to be completed during Q4 of 2023.
WK Kellogg Co. is composed of the US, Canada and Caribbean cereal businesses. As an independent company, it will be able to invest in improving profit margins, optimizing its manufacturing network and improving its share of the market.
“We have made great strides toward establishing WK Kellogg Co. as an independent business,” said Gary Pilnick, CEO designate of WK Kellogg Co. “Our new team is in place, and we are building a focused company that we believe has outstanding prospects. We are excited to share our strategy and outlook in a few weeks.”
What remains of Kellogg Co. with WK Kellogg Co. will be separated from the main company of Kellanova, which features a snack-forward portfolio and includes international cereal, frozen foods, noodles and more. As an independent company, the brand will gain a greater operational focus, fit-for-purpose strategy and resource allocation to help grow net sales and earnings over time.
“The Kellanova portfolio is already geared toward growth, demonstrating underlying momentum, ” Cahillane said. “What is notably exciting is that this performance will be enhanced by a refreshed strategy, higher profit margins, and a portfolio that is even more oriented toward advantaged markets, categories, and brands.”
Additional information regarding the two spin-offs’ strategy, capital structure and allocation, and financial outlook will be shared during the Day@K Investor event at the New York Stock Exchange. Analysts and investors will meet with the management of both brands in two sessions.
Form 10 can be viewed on the SEC website and additional business information about the split can be found on Kellogg’s investor website and on the dedicated page about Kellanova and WK Kellogg Co.
