July 25, 2023
Kellogg Co. has filed a Form 10 registration statement with the US Securities and Exchange Commission (SEC) relating to the company's plan to separate into two businesses that was previously announced.
The business will be split as follows:
Kellanova, with about $12.6 billion in 2022 net sales1, will be a company in global snacking, international cereal and noodles, and North America frozen foods, with iconic, world-class brands and strong growth momentum and profitability;
WK Kellogg Co., with about $2.7 billion in 2022 net sales, will be a cereal company in the U.S., Canada, and Caribbean, with a portfolio of iconic, world-class brands, leading market positions, and compelling opportunities for investment and profit growth.
"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 stand-alone 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."
In June 2022, the company announced that its Board of Directors had approved a plan to pursue a separation of its North American cereal business ("WK Kellogg Co."), via a tax-free spin-off. Kellogg is targeting to complete the separation transaction during the fourth quarter of 2023, subject to certain customary conditions, including final approval by the Board of Directors and effectiveness of the Form 10 registration statement.
The Form 10, filed on July 24, 2023, is subject to change and will be made final prior to the effective date of the spin.
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