Kellogg snack business to be named 'Kellanova' after cereal unit spin-off (updated)

Impinj

15/03/2023 16:54

(Adds quotes from Kellogg Co CEO Steve Cahillane)
       March 15 (Reuters) - Kellogg Co's  K.N  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'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.

 (Reporting by Deborah Sophia in Bengaluru and Jessica DiNapoli
in New York; Editing by Shailesh Kuber and David Gregorio)
 ((DeborahMary.Sophia@thomsonreuters.com;))