BATTLE CREEK, Mich. (AP) - Kellogg Co., the maker of Frosted Flakes, Rice Krispies and Eggo, will split into three companies focused on cereals, snacks and plant-based foods.
Kellogg’s which also owns and MorningStar Farms, the plant-based food maker, said Tuesday that the spinoff of the yet to be named cereal and plant-based foods companies should be completed by the end of next year.
The company’s corporate headquarters will move from Battle Creek to Chicago, but it will maintain dual headquarters in both cities for its snack company, which makes up about 80% of current sales.
Kellogg said the three, independent companies will be better positioned to focus on their distinct strategic priorities, as well as financial targets that best fit their own markets and opportunities.
Shares of Kellogg Co. are up 8% to $73.29 before the opening bell Tuesday.
To read more about the company's plans click here.
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