Kellogg To Split Into Three Companies, Focus On Snacks

Kellogg said on Tuesday that it was splitting into three independent companies by spinning off its North American cereal and plant-based foods businesses, becoming the latest big US firm to break itself up.

Shares of the company, which began life in 1894 when W.K Kellogg created Corn Flakes and became known around the world for its breakfast cereals, jumped 7% in pre-market trading. The division brought in $11.4 billion in net sales in 2021, accounting for 80% of its total sales.

ESM