Kellanova, formerly known as the Kellogg Company and traded under the ticker symbol “K” on the New York Stock Exchange (NYSE), has announced the successful completion of its separation of the North American cereal business.
This action leads to the formation of two independent publicly traded companies, each well-positioned to unlock its distinct potential. Starting at 12:01 a.m. EDT today, all WK Kellogg Co shares were distributed to common stockholders of Kellanova. For every four Kellanova shares held as of September 21, shareholders received one share of WK Kellogg Co.
Starting today, WK Kellogg Co will commence trading on the NYSE under the symbol “KLG,” while Kellanova will continue to use its existing ticker, “K.” The separation agreements for Kellanova will be formally filed with the U.S. Securities and Exchange Commission (SEC).
“With the completion of the separation, Kellanova has entered a new era with a new name and a new ambition,” said Steve Cahillane, Kellanova’s Chairman and CEO. “We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world’s best performing snacks-led powerhouse.”
Kellanova’s impressive portfolio includes internationally acclaimed brands such as Pringles, Pop-Tarts, Kellogg’s Rice Krispies Treats, and RXBAR. While the corporate name has evolved to Kellanova, the iconic Kellogg’s branding will remain unchanged on its global products. The company projects net sales for 2024 to range between $13.4 billion and $13.5 billion.
Kellanova’s newfound independence will provide it with enhanced operational concentration, facilitating substantial growth in net sales and earnings. Additionally, the company will uphold its dual campuses in Battle Creek, Michigan, and Chicago, Illinois, with Chicago serving as the location for its corporate headquarters.
Kellanova shareholders who qualified for the distribution have now received either a book-entry account statement or a brokerage account credit reflecting their ownership of WK Kellogg Co stock. Fractional shares were not distributed; instead, these fractional shares were liquidated, and the respective shareholders will receive a cash payment equivalent to their portion of the proceeds.