The tax-free spinoffs are expected to be completed by the end of 2023.
That business will house brands like Pringles, Cheez-It, Pop-Tarts and RXBAR and last year reported $11.4 billion in revenue. About 10% of those sales come from its growing noodle business in Africa, while another 10% comes from Eggo waffles and its frozen breakfast business. North America will represent nearly half of the company's revenue.
The proposed North American cereal company will include Froot Loops, Special K and Rice Krispies. Last year, that business saw sales of $2.4 billion. In the near term, the spinoff would focus on bouncing back from supply chain disruptions and regaining lost market share. Kellogg expects it would generate stable revenue over time as a standalone company while improving profit margins."Squawk Box.
Kellogg's plant-based division will use Morningstar Farms as its anchor brand. Last year, the business reported $340 million in sales and roughly $50 million in earnings before interest, taxes, depreciation, and amortization. If completed, the spinoff offers investors another plant-based stock play besides, which hasn't turned a quarterly profit in nearly three years and has seen its shares tumble 63% this year.
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Kellogg to split into 3 companiesThe spinoff of the yet to be named cereal and plant-based foods companies should be completed by the end of next year, the company said.
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