Kellogg Splits Into Two Companies as Cereal Sales Stagnate and Snacking Surges

Kellogg's cereal business began trading as "WK Kellogg Co" on NYSE after spinning off from parent company
Kellogg renamed to "Kellanova" and now houses snacking brands like Pringles and Cheez-It
Shareholders received 1 share of WK Kellogg for every 4 shares of Kellogg they owned
Cereal sales stagnating as consumers choose more convenient breakfast options
Snacking growing more popular although anti-obesity drugs could threaten future sales

cnbc.com

Relevant topic timeline:

9/11/2023

Kellogg to Split into Cereal Company WK Kellogg and Snack Company Kellanova

Kellogg Co. has received formal approval from its board of directors to split into two separate companies, with WK Kellogg Co. focusing on cereals in North America and Kellanova focusing on snack foods and international growth opportunities.

9/17/2023

Kellogg Splits Off Cereal Business to Focus on Snacks as Sales Decline

Kellogg, the American junk food giant, is spinning off its North America cereal division into a new company named WK Kellogg, as it expects the cereal industry to continue its decline and wants to focus on the more attractive snacking segment.

10/1/2023

Snack Food Giants Bet on Junk Despite Rise of Obesity Drugs

Kellogg's is spinning off its cereal business in favor of its snack unit and rebranding as Kellanova, but food companies' focus on snacking is at risk due to the success of obesity and diabetes drugs like Wegovy and Ozempic, which could lead to slower sales for popular snack brands.