Board approves Kellogg separation plan

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BATTLE CREEK, MICH. — The board of directors of the Kellogg Co. has approved the previously announced separation of the company into two independent, publicly traded companies: Kellanova and WK Kellogg Co.

The separation is scheduled to be completed Oct. 2. Kellogg Co. will be renamed Kellanova and will continue to trade on the New York Stock Exchange under the ticker symbol “K.” WK Kellogg Co. will begin trading on the New York Stock Exchange under the ticker symbol “KLG.” Kellogg shareowners as of Sept. 21 will receive one share of WK Kellogg Co. for every four shares of Kellogg Co. they own.

Net sales for Kellanova, featuring snacks like Pringles and a presence in emerging markets, are projected to be about $13.4 billion to $13.6 billion while adjusted-basis EBITDA is expected to be about $2.25 billion to $2.3 billion in 2024. Net sales for WK Kellogg Co., featuring the North American cereal business, are projected to be about $2.7 billion while adjusted-basis EBITDA is expected to be about $255 million to $265 million in 2024.

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