CHICAGO, Ill (WAOW/ABC) - Kellogg, best known in the US for their breakfast cereal and snack brands, announced Tuesday it will split itself into three independent companies.
A report from ABC says the company will split roughly along the lines between its North American cereal and plant-based foods business, its global snack brands and its other noodle and frozen breakfast brands.
According to ABC, stock prices for Kellogg rose 6% after the announcement in pre-market trading.
Kellogg brought in $11.4 billion in revenue last year, $2.4 billion of which was from the US.
The cereal- and plant-based foods company will keep its headquarters in Michigan, while the global snacks company will have its corporate headquarters in Chicago.