Posted by on June 21, 2022 1:35 pm
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Kellogg to split into three companies by product type

Kellogg to split into three companies by product type

Jenny Goldsberry June 21, 01:11 PMJune 21, 01:11 PM Video Embed

Cereal-maker Kellogg announced Tuesday that it will split into three different companies representing its cereal products, snack products, and plant-based products.

Kellogg, the snack company, will move its headquarters to Chicago. The other two companies have yet to be named.

Kellogg had already bought plant-based food-maker Morningstar, which generated $340 million in sales last year. The Kellogg Company saw a total of $14.2 billion in net sales in 2021, with cereals such as Frosted Flakes and Rice Krispies earning $2.4 billion and snacks such as Eggo waffles, Pop-Tarts, and Cheez-Its earning $11.4 billion.

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“These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,” CEO Steve Cahillane said.

Kellogg sold its cookie, pie crust, ice cream cone, and fruit business to the Ferraro Group in 2019.

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Its shares jumped 8% to $73.29 before the market opened Tuesday.

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