Kellogg Company has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC), as part of its planned separation into two businesses later this year.
The planned separation is 'on track' take place in the fourth quarter of this year, the company said, and will see Kellogg split into Kellanova and WK Kellogg Co.
About The Two Businesses
Kellanova, which accounted for approximately $12.6 billion (€11.3 billion) in net sales in 2022, will be a 'leading company in global snacking, international cereal and noodles, and North America frozen foods', the company said.
WK Kellogg Co, with sales of around $2.7 billion (€2.42 billion), will encompass the group's cereal interests in the U.S., Canada, and Caribbean.
'An Important Step'
"Today's Form 10 filing marks another important step toward our planned separation into two established and special businesses," said Steve Cahillane, Kellogg Company's chairman and chief executive officer.
"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 group plans to outline further details about the strategy, capital structure, capital allocation, and financial outlook of both businesses at an investor event on 9 August.
Snacking Powerhouse
Commenting on the Kellanova business, of which around 60% of sales are derived from snacks – including brands such as Pringles, Cheez-It, Pop-Tarts and Rice Krispies Treats – Callihane added, "The Kellanova portfolio is already geared toward growth, demonstrating underlying momentum.
"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."
Kellogg Company will release its financial results for the second quarter 2023 on 3 August.
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