Kellogg Announces Plan To Split Into Three Separate Companies

Kellogg (K) has announced that it will split itself into three separate companies focused on
snacks, cereal, and plant-based products.

Kellogg said its U.S., Canadian, and Caribbean cereal and plant-based divisions represented
20% of its net sales in 2021.

The remaining business includes Kellogg's snacks, noodles, international cereal, and North
American frozen breakfast brands, which, together, represent about 80% of its sales.

Kellogg said it expects the break-up into three companies will be completed by the end of 2023.
Names for the new companies have not yet been decided, and management teams for the two
spinoffs will be announced at a later date.

The headquarters of the three businesses will remain unchanged. Both the North American
cereal company and plant-based food spinoff will be based in Battle Creek, Michigan. The
global snack company will keep its corporate headquarters in Chicago.

Shares of Kellogg rose 7% on news of the company's split. Prior to today, Kellogg stock was up
4% year to date at $67.54 U.S. per share.

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