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Mar 15, 2023 2:02PM ET
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Kellogg snack business to be named 'Kellanova' after cereal unit spin-off
© Reuters. FILE PHOTO: Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split into three independent companies, in the latest U.S. corporate overhaul aimed at simplifying its structure and sharpening its focus on the
(Reuters) -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 in two to sharpen focus of each division.
The cereal business – home to brands including Kellogg (NYSE:K)'s, Froot Loops and Rice Krispies – will be named "WK Kellogg Co," after company 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 "Kellogg's" brand will remain on the packaging of both companies' products around the world.
"Kellanova harkens back to the history, heritage and tradition of the company with the iconic 'K' and first four letters being Mr. Kellogg’s name," said Kellogg CEO Steve Cahillane, who will be CEO of Kellanova.
A number of employees submitted WK Kellogg Co as a name for the cereal business and also "different permutations" of Kellogg and 'nova' for the snacking company, Cahillane said.
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 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 topped market expectations for sales and profit in the fourth quarter, as demand for its cereals and snacks remained strong even after 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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