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Big Law

Kellogg Plans to Separate Into 3 Companies

Kellogg is planning to separate into three independent public companies, sectioning off its iconic brands into distinct snacking, cereal and plant-based businesses.

Shares of the company rose as much as 8% in premarket trading but closed up only 1.9%.

The announcement Tuesday comes a decade after Kellogg’s $2.7 billion purchase of Pringles, which signaled the company’s shift to focusing on the global snacks business with people increasingly eating more often between meals. Kellogg, along with rivals like Frito-Lay-owner PepsiCo and Oreo-cookie owner Mondelez, have leaned into the trend by introducing more snacks and snapping up smaller brands. On Monday, Mondelez said it is acquiring Clif Bar for $2.9 billion.

Read the source article at cnbc.com

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