Kellogg to Name Snacking Unit Kellanova as Part of Separation Plan
Date
3/20/2023 5:00:54 AM
(MENAFN) Kellogg has revealed that it will name its snacking unit Kellanova as part of its plan to separate into two independent public companies. Kellanova, which will include brands like Pringles and Cheez-Its, will retain the "K" stock ticker currently used by the food giant. The North American cereal unit will be renamed WK Kellogg Co.
The use of "Kell" recognizes the new company's connection to Kellogg, while the Latin word "nova," which means new, is meant to signal its ambition to be a global snacking powerhouse, according to Steve Cahillane, CEO of Kellogg and future CEO of Kellanova. The Kellogg's name will remain on brand packaging.
Kellogg solicited employee ideas to name the two companies and received over 4,000 submissions. Roughly a fifth of workers who submitted names suggested a variation of founder W.K. Kellogg's name for the cereal business.
The spinoff, which was announced in June, is planned for the end of this year. The initial plan also included the sale or separation of its plant-based business, which includes Morningstar Farms. However, Kellogg reversed course in February as consumers' and investors' interest in the category waned, and instead, it will be a part of Kellanova.
Kellogg's separation plan is a strategic move that aims to unlock value for shareholders and create two independent companies focused on distinct categories. The naming of Kellanova signals the company's ambitions to be a global snacking powerhouse and sets the stage for a new chapter in Kellogg's history.
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