Kellanova, formerly known as Kellogg Company, has announced the completion of its previously announced separation of its North American cereal business, WK Kellogg Co, resulting in two independent, public companies.
“The separation was achieved through the distribution of all of the shares of WK Kellogg Co to holders of Kellanova common stock at 12:01 a.m. EDT on October 2, 2023, with Kellanova shareowners receiving one share of WK Kellogg Co common stock for every four shares of Kellanova common stock held as of the close of business on the record date of September 21, 2023,” the company said.
WK Kellogg Co will begin regular way trading on the New York Stock Exchange (NYSE) under the ticker symbol ‘KLG’, and Kellanova will continue to trade on the NYSE under the ticker symbol ‘K’. Kellanova will file its material separation agreements with WK Kellogg Co with the US Securities and Exchange Commission (SEC).
“With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition. We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world’s best performing snacks-led powerhouse,” said Steve Cahillane, Kellanova’s Chairman and CEO.
With projected 2024 net sales of approximately $13.4-13.5 billion, Kellanova is a snacks-led company with product portfolio comprising of Pringles, Cheez-It, Pop-Tarts, Kellogg’s Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBAR, and Eggo. Kellanova also retails international cereal brands, including Kellogg’s, Frosties, Zucaritas, Special K, Krave, Miel Pops, Coco Pops, and Crunchy Nut, among others. While the Company’s corporate name has changed to Kellanova, the Kellogg’s brand will remain on its products around the world.
Kellanova will maintain dual campuses in Battle Creek, Michigan, and Chicago, Illinois, with its corporate headquarters located in Chicago. Kellanova’s three international regions in Europe, Latin America, and Asia Pacific, Middle East, and Africa (AMEA) will remain at their current headquarters.