The Strategist

US Kellogg's to divide business



06/22/2022 - 10:10



Following the announcement that US Kellogg will be divided into three firms, the company’s shares went up by 6.5%.



Mike Mozart
Mike Mozart
Shares of US Kellogg, which makes Pringles and Krave breakfast cereals, increased 6.5 percent before the market opened on the company's announcement that it will split into three separate public businesses, according to CNBC.

The US business previously declared its intention to divide into three separate public corporations. One will produce frozen morning cereals, cereal and noodles, and snacks with net sales of $11.4 billion. Another will concentrate on cereal items and have revenues of $2.4 billion. Under the MorningStar Farms name, a third company with $340 million in annual sales will make plant-based goods.

According to a statement from Kellogg, the names of the new firms will be decided later. Their corporate headquarters will stay in Battle Creek, Michigan, where the cereal company and plant-based food division will be located, and in Chicago, where the global snack company will reside.

source: cnbc.com

 




More
< >

Tuesday, September 27th 2022 - 10:24 TotalEnergies closes refinery in southern France

Friday, September 23rd 2022 - 06:30 Tesla to recall 1.1 million cars due to window problems