- Kellogg will split into two companies named Kellanova and WK Kellogg Co by the end of the year.
- Kellanova, which will include brands like Pringles and Cheez-Its, will retain the “K” stock ticker currently used by the food giant.
- Kellogg announced the separation plans in June.
Kellogg on Wednesday revealed it will name its snacking unit Kellanova as part of its plan to separate into two independent public companies.
Kellanova, which will include brands like Pringles and Cheez-Its, will retain the “K” stock ticker currently used by the food giant. The North American cereal unit will be renamed WK Kellogg Co. The company said that unit’s ticker will be announced in the coming months.
The use of “Kell” recognizes the new company’s connection to Kellogg, while the Latin word “nova,” which means new, is meant to signal its ambition to be a global snacking powerhouse, according to Steve Cahillane, CEO of Kellogg and future CEO of Kellanova.
The Kellogg’s name will remain on brand packaging.
Kellogg said it solicited employee ideas to name the two companies and received more than 4,000 submissions. Roughly a fifth of workers who submitted names suggested a variation of founder W.K. Kellogg’s name for the cereal business.
The spinoff, which was announced in June, is planned for the end of this year. The initial plan also included the sale or separation of its plant-based business, which includes Morningstar Farms. However, Kellogg said in February it has reversed course as consumers’ and investors’ interest in the category waned. Instead, it will be a part of Kellanova.
Source: Business - cnbc.com
