11 September 2023
Kellogg Company (NYSE: K) today announced 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 Company 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”.
Kellogg shareowners will receive 1 share of WK Kellogg Co for every 4 shares of Kellogg Company owned.
Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets, and will be led by highly differentiated brands with considerable opportunity for expansion.
Building on a foundation of iconic brands and a leading share position in North American cereal, WK Kellogg Co will focus and integrate its commercial strategy and execution, while modernizing its supply chain, all of which it expects will result in improved competitiveness, profitability, and cash flow.
More, Source: Company’s Press Release