Kellogg Board Approves Separation Into Two Independent, Publicly Traded Companies
(RTTNews) - Kellogg Co. (K) announced Monday that its Board of Directors formally approved the previously announced separation into two independent, publicly traded companies, Kellanova and WK Kellogg Co.
Upon completion of the separation on October 2, 2023, Kellogg will be renamed Kellanova, and will continue to trade on the New York Stock Exchange (NYSE) under the ticker symbol "K", while WK Kellogg Co is expected to begin trading on the NYSE under the ticker symbol "KLG".
At 12:01am EDT on October 2, 2023, Kellogg shareowners of record as of September 21, 2023, will receive 1 share of WK Kellogg Co (KLG) for every 4 shares of Kellogg Company (K) owned.
Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets, while WK Kellogg Co. will carry iconic brands and have a leading share position in North American cereal.
Kellanova is projected to generate net sales of approximately $13.4 billion to $13.6 billion and expects to deliver long-term annual growth rates of 3 to 5 percent for net sales on organic basis. Meanwhile, WK Kellogg Co projects net sales of approximately $2.7 billion.
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