Kellogg (NYSE:K) is a stock worth watching on Tuesday after the cereal company announced plans to split into two separate businesses.
Let’s go over everything investors need to know about Kellog’s plans to split and what it means for K stock below!
Kellogg Split Details
- The first thing investors need to know is that Kellogg will split into Kellanova and WK Kellogg Co.
- Kellanova will handle global snacking, international cereal and noodles, and North American frozen foods with estimated net sales of $12.6 billion in 2022.
- WK Kellogg Co will take care of cereal in the U.S., Canada, and the Caribbean with estimated net sales of $2.7 billion in 2022.
- The Kellogg Board of Directors has already approved the split through a tax-free spin-off that should go into effect in Q4 2023.
- When the split goes into effect, shares of Kellanova stock will trade on the New York Stock Exchange under the “K” stock ticker.
- That will have shares of WK Kellogg Co also trading on the NYSE but it will use the “KLG” stock ticker instead.
- Investors seeking more information about the split will want to tune into a special investor day event on Aug. 9 that will include updates from the leadership teams of both Kellanova and WK Kellogg Co.
K stock is largely unmoving on Tuesday morning after the split update. It also isn’t seeing much trading activity today, either.
Investors looking for all of the hottest stock market news today will want to keep reading!
We’ve got all of the latest stock market coverage that traders need to know about on Tuesday! A few examples include what’s moving shares of Walmart (NYSE:WMT) stock, Mobileye (NASDAQ:MBLY) stock, and Nio (NYSE:NIO) stock today. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
