Kellogg Company will host a conference call/webcast to discuss the strategic rationale, the transaction timeline, and the resultant entities this morning, June 21, 2022, at 9:00am Eastern Daylight Time. Thats how much Kelloggs shares jumped in premarket trading, reaching $71.50 but cooling off after rising as much as 8%. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. 800-962-1413 In recent years, the Company has transformed its portfolio into one that has expanded geographically and shifted toward growing businesses, particularly in snacking categories. Visit www.KelloggCompany.com. - But there are other elements to consider, managing so many brands and different types of productscan lead to a lack of innovation. - In FY21, the Company generated total sales of $14.2 billion. Kellogg's snacking, cereal, and plant-based product divisions will be spun off. visit us online, ,, 2023 Kellogg Co. | Cookie Preferences | Privacy Policy | Terms of Use | California Consumer Rights | Kellogg Company, KELLOGG COMPANY UNVEILS NAMES FOR GLOBAL SNACKING AND NORTH AMERICAN CEREAL BUSINESSES FOLLOWING PLANNED SEPARATION, For further information: Kris Bahner, (269) 961-3799. The remaining business (Global Snacking Co) would focus on global snacking, international cereal and noodles, and North America frozen breakfast. Kellanova will be a global snacking powerhouse with a portfolio of iconic, world-class brands, including Pringles, Cheez-It, Pop-Tarts, Kellogg's Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBAR, and Eggo. Investors who arent invested in Kellogg(K) or want to increase their investment prior to the split, need to assess the value and potential of each company. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz- und Cookie-Einstellungen oder Datenschutz-Dashboard klicken. Kellogg will retain its main corporate headquarters in Chicago, with an additional campus in Battle Creek. The proposed spin-off s will result in North America Cereal Co. (SpinCo 1), which includes the Companys cereal business in the U.S., Canada, and Caribbean market and Plant Co. (SpinCo 2), a pure-play, plant-based foods company which includes MorningStar Farms brand. Kelloggs snacking business includes products such as Pringles, Cheez-It, and Pop-Tarts, among others. A divestiture is the disposal of a business unit through sale, exchange, closure, or bankruptcy. Kellogg. The $24 billion maker of Frosties and Fruit Loops on Tuesday announced it. Based on Mondelezs valuation of 3.5x enterprise value on its 2021 sales, the remaining snacks business would be worth about $40 billion, ~$10 billion above current levels. Kellogg Co. today revealed new identities for its business units in its forthcoming breakup: Its North American cereal business will be known as WK Kellogg Co., and its global snacks business. This has included re-shaping our portfolio, and today's announcement is the next step in that transformation," said Steve Cahillane, Kellogg Company's Chairman and Chief Executive Officer. Order Reprints. Sep 29, 2022, 10:34am EDT. The Company does not undertake to update any forward-looking statement as a result of new information or future events or developments. Information regarding the rebroadcast is also available at http://investor.kelloggs.com. The transactions will follow the satisfaction of customary conditions, including reviews and final approval by Kelloggs Board of Directors, receipt of an Internal Revenue Service ruling and relevant tax opinions with respect to the tax-free nature of the transactions, the effectiveness of appropriate fi lings with the U.S. Securities and Exchange Commission, and the completion of audited financials of the independent companies. Shareholders would receive shares in the two spinoff entities on a pro rata basis relative to their Kellogg holdings at the record date for each spin-off . In fact . The proposed spin-offs are intended to result in tax-free distributions of North America Cereal Co. and Plant Co. shares to Kellogg Company shareowners. Boxes of Kellogg's cereals sit on the shelves at a, Mondelez to Acquire Clif Bar for $2.9 Billion. The outcome of these strategic actions has been improved growth (net sales rose 3% YoY in FY21), with momentum sustained into 2022. Co., which accounts for $340m in net sales and the company said it will be a leading, profitable, pure play plant-based foods group.. The business has a proven winner with the MorningStar Farms brand, which Kellogg has grown since its acquisition 20 years ago to have the highest share and household penetration in the frozen vegetarian/vegan category. Jun 21, 2022 North America Cereal Co. had estimated FY21 net sales of $340 million and estimated EBITDA of approximately $50 million on an adjusted basis, based on preliminary allocation assumptions. The Kellanova logo retains the iconic K that Kellogg uses, while curved and extended v embodies our forward momentum as we embark on this next chapter, Cahillane said. Official names for the new companies are yet to be determined, while the management teams will likely be announced by the first quarter of 2023. Kellogg Company's three international regions Europe, Latin America, and Asia Pacific, Middle East, and Africa ("AMEA") will remain almost entirely intact within Global Snacking Co. Steve Cahillane will remain Chairman and Chief Executive Officer of Global Snacking Co. North America Cereal Co. Another terrible corporate name developed by committee. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. The division reported $340 million in sales last year, with earnings before interest, taxes, depreciation, and amortization (EBITDA) of $50 million. This means calls are getting picked up at a much quicker-than-usual clip. The Board of Kellogg Company (NYSE:K) announced the spin-off of Plant Co. on June 21, 2022. The viewer is cautioned not to rely on these forward-looking statements. Goldman Sachs is serving as a lead financial advisor, along with Morgan Stanley Will Eli Lilly Stock Continue To Rise After 40% Gains In The Ongoing Inflation Shock? Over at theInternational Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), K sports a 10-day call/put volume ratio of 10.95 that stands higher than 93% of readings from the last year. View original content to download multimedia:https://www.prnewswire.com/news-releases/kellogg-company-announces-separation-of-two-businesses-as-bold-next-steps-in-portfolio-transformation-301571883.html, Kellogg Investor Relations But analysts believe the stock has some upside potential because it remains inexpensive. We are creating better days and a place at the table for everyone through our trusted food brands. Copies of these filings are available online at www.sec.gov, www.investor.kelloggs.com or on request from the Company. It will be a cereal leader in the U.S., Canada, and the Caribbean, with beloved brands, a heritage of innovation, and more than a century of operational success. We have taken his instantly recognizable script and then underlined and elevated the 'Co,' emphasizing our ambition as a 117-year-old start-up taking Mr. Kellogg's original company to new heights. Wes Stevenson climbed a ladder to perfect . The remaining business, which accounts for 80% of net sales in 2021, is focused on global snacking, international cereal, and noodles, as well as its North American frozen breakfast. March 15 (Reuters) - Kellogg Co's (K.N) global snacking business will be called "Kellanova" following the spin-off of its North American cereal unit, the packaged food giant said on. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and are subject to risks, uncertainties and assumptions. Thank the Cereal Spinoff. Goldman Sachs is serving as lead financial advisor, along with Morgan Stanley & Co. LLC, and Kirkland & Ellis LLP is acting as legal advisor. Its segments include North America, Europe, Latin America and AMEA (Asia Middle East Africa). This is a BETA experience. Kellogg has grown MorningStar Farms steadily since its acquisition over 20 years ago, and the brand now has the highest share and household penetration in the frozen vegetarian/vegan category. This press release contains a number of forward-looking statements. "Let's Make Today Great" couldnt be more appropriate right now, as the group follows up on its announcement in June that it will spin-off parts of its business. Kellogg said it hopes to complete the spinoffs by the end of next year. The name WK Kellogg Co. honors the legacy of founder W.K. MS Brands that currently use the Kellogg's moniker on packaging, such as Frosted Flakes, will keep it, executives said. "These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities. Kellogg Company's three international regions' headquarters in Europe, Latin America, and AMEA will remain in their current locations. After the separations, management is committed to maintaining an investment-grade credit rating for Global Snacking Co. (RemainCo). Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The company made a statement on Tuesday 21 June, that it plans to separate three of its businesses, including its Global Snacking Co, which produces Pringles;its North America Cereal Co, which makes Kelloggs Rice Krispies; and its Plant. The capital structures, dividends, governance, and other matters for each business will be announced later. Plant Co. had estimated 2021 net sales of $340 million and estimated EBITDA of approximately $50 million* on an adjusted-basis, based on preliminary allocation assumptions. North America Cereal Co.s portfolio comprises iconic, world class brands such as Kelloggs, Frosted Flakes, Froot Loops, Mini-Wheats, Special K, Raisin Bran, Rice Krispies, Corn Flakes, Kashi and Bear Naked. But what affect will this spin-off have on the Kellogg Company(K) stock price. Adrianne Pasquarelli How Will the Spinoff Impact Future Growth? The stock is down 7.92% on a year-to-date basis, which ranks 32nd out of 48 stocks in the packaged food sector. Kellogg executives believe that spinning off the companys main product lines will enhance resource allocation and boost revenue in the long run. The Companys frozen foods are marketed under the Eggo and Morningstar Farms brands. Please refer to the reconciliations of adjusted-basis EBITDA, a non-GAAP financial measure, to reported operating profit in this press release. Global Snacking Co. had estimated 2021 net sales of $11.4 billion* and estimated EBITDA of approximately $2.0 billion* on an adjusted basis, based on preliminary allocation assumptions. Capital structures, dividends, governance, and other matters for each business will be announced at a later date. Activate your account. "The 'Kell' overtly recognizes our enduring connection to Kellogg Company, while 'anova,' which combines 'a' and the Latin word 'nova,' meaning 'new,' signals our ambition to continuously evolve as an innovative, next generation, global snacking powerhouse.
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