Kellogg names snacking unit Kellanova ahead of spinoff

Kellogg names snacking unit Kellanova ahead of spinoff

Kellogg brand Cheez-it crackers arranged at a supermarket in Dobbs Ferry, New York, on Wednesday, June 22, 2022. Kellogg Co. said it will split into three independent companies, sparking a rally in food company stocks.

Tiffany Hagler Gear | Bloomberg | Getty Images

Kellogg On Wednesday it announced it will name its snacking unit Kellanova as part of its plan to split into two independent public companies.

Kellanova, which owns brands including Pringles and Cheez-Its, will retain the stock ticker ‘K’ currently used by the food giant. The North American cereals unit is renamed WK Kellogg Co. The company announced that the ticker of this unit will be announced in the coming months.

The use of “Kell” acknowledges the new company’s connection to Kellogg, while the Latin word “nova,” meaning “new,” is intended to signal its ambition to become a global snacking powerhouse, according to Kellogg CEO Steve Cahillane and future CEO of Kellanova.

The Kellogg’s name remains on the branded packaging.

Kellogg said it solicited employee ideas to name the two companies and received more than 4,000 submissions. About one-fifth of the workers who submitted names suggested a variant of founder WK Kellogg’s name for the grain business.

The spin-off, announced in June, is planned for the end of this year. The original plan also included selling or separating the herbal business, which includes Morningstar Farms. However, Kellogg said in February that it had reversed course as consumer and investor interest in the category waned. Instead, it will be part of Kellanova.

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2023-03-15 16:04:59