The spin-offs come as sales of snacks has boomed while sales of cereal has declined for Kellogg's.
Rice Krispies Treats and Rice Krispies cereal will no longer be made by the same company.
Kellogg’s said on June 21 it is splitting into three independent public companies, separating out its North American cereal and plant-based food businesses. The remaining business, which accounts for 80% of Kellogg’s 2021 net sales, will focus on the global snacks market.
The three individual businesses will be better positioned to focus on their distinct priorities, have more operational flexibility, and are expected to create more value for all shareholders, said the company. The businesses “have significant standalone potential,” said Steve Cahillane, Kellogg’s chief executive officer, in a statement. The names of the individual companies have yet to be determined.
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