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The Kellogg Company has officially rebranded after the firm's separation has finally been completed. This means the cereal manufacturer will now operate as a standalone company with its own management.
The split of Kellogg's was finalized, and now it is moving ahead to its new future. It has been over a year since the firm announced the separation of its snack and cereal business unit in North America.
The Newly Formed Business Units
The separated Kellogg Company will now start trading separately as Kellanova and WK Kellogg Co. The first division will manage the snack operations, while the second will be involved in the cereal business.
Both firms will be trading on the New York Stock Exchange, and CNBC reported that WK Kellogg Co. has started trading at $13.80 per share. On the other hand, shares of Kellanova, which manages popular brands such as Cheez-It and Pringles, closed on Monday - down by six percent.
The Spinoffs' Early Performance at the Stock Exchange
The cereal adopted the brands from its North American portfolio, so it now houses Corn Flakes, Froot Loops, Rice Krispies, and more. Its share price also dropped by nine percent when the market closed on the same day.
Kellanova trades at the NYSE under the "K" ticker, while WK Kellogg uses "KLG." At any rate, it was clarified that the international sales for the cereal business would continue under the Kellanova spinoff.
"With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition," Kellanova's chairman and chief executive officer, Steve Cahillane, said in a press release. "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."
Photo by: Deepak N/Unsplash
