Kellogg has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the company’s previously announced plan to separate into two businesses: Kellanova and WK Kellogg Co.
Kellanova, with approximately $12.6 billion in 2022 net sales, will be a major player in global snacking, international cereal and noodles, and North America frozen foods, while WK Kellogg Co, with about $2.7 billion in 2022 net sales, will be a leading cereal company in the U.S., Canada, and the Caribbean.
Last year, Kellogg announced its board of directors had approved a plan to separate its North American cereal business (“WK Kellogg Co”), via a tax-free spin-off. The company is expects to complete the transaction some time in the fourth quarter of this year, subject to certain customary conditions, as well as the final approval by the board of directors and the effectiveness of the Form 10 registration statement.
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The move is being made in the belief that the two independent public companies will each be better positioned to unlock its full standalone potential by focusing on their distinct strategic priorities, running with increased agility and operational flexibility for more focused allocation of capital and resources, and shaping distinctive corporate cultures.
“Today’s Form 10 filing marks another important step toward our planned separation into two established and special businesses,” stated Steve Cahillane, Kellogg Company’s chairman and chief executive officer. “As standalone companies, Kellanova and WK Kellogg Co will benefit from an enhanced focus that will enable them to better direct their resources toward their distinct strategic priorities, unlocking value for shareowners.”