Kellogg Company has announced a plan to separate into three independent public companies to focus on snacks, cereal, and plant-based foods. The Board of Directors has approved a plan to create three independent public companies, allowing them to focus on their specific potential.
Source: CNBC Television/Youtube
The three new companies, whose names will be determined later, will be Global Snacking Co., which will focus on global snacking, international cereal and noodles, and North America frozen breakfast, with iconic, world-class brands. North America Cereal Co. will be a leading cereal company in the U.S., Canada, and the Caribbean, with iconic, world-class brands. Finally, Plant Co. will be purely a plant-based food company, anchored by the MorningStar Farms brand.
“Kellogg has been on a successful journey of transformation to enhance performance and increase long-term shareowner value. This has included re-shaping our portfolio, and today’s announcement is the next step in that transformation,” said Steve Cahillane, Kellogg Company’s Chairman, and Chief Executive Officer. “These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities. In turn, each business is expected to create more value for all stakeholders, and each is well positioned to build a new era of innovation and growth.”
Kellogg has been thinking about spinoffs as a potential strategy since 2018, according to the executives. The plant-based division of Kellogg’s will use Morningstar Farms as the anchor brand, which reported $340 million in sales last year. Combined, Kellogg’s plant-based division and North American cereal business accounted for 20 percent of the company’s revenue last year, CNBC reported.
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