Kellogg to Split into 3 Companies; Corporate HQ for High-Growth Snacks Company Coming to Chicago

This is a display of Kellogg’s Frosted Flakes cereal at a Costco Warehouse in Homestead, Pa, on Thursday, May 14, 2020.

In a conference call with investors, CEO Steve Cahillane said separating the businesses will make them more nimble and better able to focus on their own products. All three businesses have significant stand-alone potential, he said. Shareholders will receive shares in the two spinoffs on a pro-rata basis relative to their Kellogg holdings.

Kellogg has been sharpening its focus on its fast-growing snacks for years; they now make up around 80% of the company’s sales. Pringles sales jumped 13% between 2019 and 2021, for example, while Cheez-It sales were up 9%.U.S. cereal sales have been waning for years as consumers moved to more portable products, like energy bars. They saw a brief spike during pandemic lockdowns, when more people sat down for breakfast at home. But sales fell again in 2021. In the 52 weeks to May 38, U.S.

Kellogg said it would explore other options for its plant-based business, including a possible sale. Cahillane said the plant-based category is seeing fierce competition from new and, in many cases, unprofitable entrants, and Kellogg needs to be more nimble and aggressive to counter that. To add to the pressure, U.S. plant-based meat sales have been plateauing in recent months after several years of strong growth. In the year ending May 28, U.S.

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