Kellogg Co's global snacking business will be called 'Kellanova' following the spin-off of its North American cereal unit, the packaged food giant said on Wednesday, as the company splits itself into two to sharpen focus on each of its divisions.
The cereal business – home to brands including Kellogg's, Froot Loops and Rice Krispies – will be named 'WK Kellogg Co,' in a nod to the company's founder W.K. Kellogg, who created Corn Flakes in 1894.
While the company names will change upon the spin-off, which Kellogg intends to complete by the end of this year, the iconic 'Kellogg's' brand will remain on the packaging of both companies' products around the world.
Three Independent Companies
Kellogg, which last year unveiled plans to split into three independent companies, last month reversed its strategy and said its plant-based meat business, known for its MorningStar Farms brand, would remain in-house.
Kellanova will now house the MorningStar Farms label, along with Pringles, Cheez-It, Pop-Tarts and other snack brands.
The business will also oversee international cereal brands including Frosties, Zucaritas, and Miel Pops.
Kellogg also topped market expectations for sales and profit in the fourth quarter, as demand for its cereals and snacks remained strong even after it rolled out several rounds of price increases.
Kellanova will trade on the New York Stock Exchange under the ticker symbol 'K', Kellogg said, adding the ticker and exchange details for WK Kellogg Co will be announced in the coming months.
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