Kellogg stock slides as iconic company breaks up
Kellogg (K) has officially undergone a split into two separate companies. The renowned 117-year-old company, known for its popular products like Pringles and Frosted Flakes, has completed this division after months of preparations since June 2022. Kellanova, the newly formed entity, will house well-known snack brands such as Pringles, Cheez-It, Pop-Tarts, and the company’s plant-based food business, Morningstar. Former Kellogg CEO Steve Cahillane will lead the Kellanova business, and it will continue trading under Kellogg’s previous stock ticker symbol, “K,” on the New York Stock Exchange. Aims to honor the company’s heritage The choice of the name “ Kellanova ” aims to honor the company’s heritage while symbolizing a fresh phase of growth in the thriving snacks industry. However, shares of Kellanova experienced a 7% decline during the session. On the other hand, the traditional cereal business, which includes brands like Froot Loops and Corn Flakes, has been named WK Kellogg Co ...