Kellogg’s share in pre-conference trading is up 8.1% as the food company announced a split plan into three companies:
Global Snacking, with approximately $ 11.4 billion in sales that will include cereals and noodles internationally, frozen breakfasts and snacks in North America. Also, North America Cereal Co., which has sales of $ 2.4 billion and includes cereal activities in the US, Canada and the Caribbean. And Plant Co, with about $ 340 million in MorningStar Farms brand focus on plant-based foods.
The split will take place through tax-free spin-offs, with the names of the new activities to be defined.
Kellogg says the move comes after the transformation of the portfolio that puts each activity in a position to better focus on its strengths and priorities.
Source: Capital
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