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The Kellogg Company takes a critical stride in its division plan, filing a Form 10 registration statement with the US SEC to spin off its North American cereal business, WK Kellogg Co, into a separate public entity. This move paves the way for the birth of two distinct companies, Kellanova and WK Kellogg Co, by late 2023, enabling more focused and strategic operations.
This strategic move will result in the creation of two public companies: Kellanova and WK Kellogg Co. Kellanova, a global snacking, international cereal and noodles, and North America frozen foods business, is expected to achieve approximately $12.6 billion in net sales for 2022. On the other hand, WK Kellogg Co, focusing on the cereal market in the US, Canada, and the Caribbean, is projected to generate around $2.7 billion in net sales for the same year.
Completion of the separation transaction is targeted for the fourth quarter of 2023, subject to customary conditions, final approval by the board, and the effectiveness of the Form 10 registration statement.
Kellogg Company Chairman and CEO, Steve Cahillane, emphasized the significance of this filing as a crucial step towards the successful establishment of the two new entities. Kellanova and WK Kellogg Co will benefit from a reinvigorated focus, enabling them to strategically direct their resources and leverage their unique strengths, ultimately delivering greater value to their shareholders.
Form 10 provides comprehensive information about WK Kellogg Co, including its portfolio, market dynamics, strategic direction, risk factors, and management. It also features financial statements and an analysis of the key drivers behind the company's past performance.
It is important to note that Form 10, filed on July 24, 2023, may be subject to revisions before the spin's effective date. Moreover, Kellogg Company's investor website can access supplemental business information concerning Kellanova and WK Kellogg Co and updates on the separation process. A dedicated website is available for ongoing information related to the separation.
Kellogg Company's decision to divide into two distinct businesses marks an exciting chapter in its history, positioning each entity to embrace its unique strengths and drive sustained growth in its respective markets.
Photo: Sten Ritterfeld/Unsplash
