Snap, crackle, pop: Kellogg to split into 3 companies
BATTLE CREEK, MICHIGAN (AP) — Kellogg Co., the maker of Frosted Flakes, Rice Krispies and Eggo, will split into three companies focused on cereals, snacks and plant-based foods.
Kellogg’s, which also owns plant-based food maker MorningStar Farms, said Tuesday that the spinoff of the yet-to-be named cereal and plant-based foods companies should be completed by the end of next year.
The cereal and plant-based food companies will remain headquartered in Battle Creek, Michigan, where Kellogg was founded in 1906.
The snack company – which accounts for 80% of Kellogg’s sales – will have its corporate headquarters in Chicago.
Shares of Kellogg rose almost 2% to $70.15 Tuesday.