Yahoo Finance Kellogg reveals new names following its split: Kellanova and WK Kellogg Co
The global snack and cereal giant originally announced plans to split its business last June.
Kellogg (K) is out with the new names of what will be two separate, publicly-traded, companies once it completes the spin-off of its North America cereal business.
Its global snacking business, which includes brands like Pringles, Cheez-It and Pop-Tarts, will be known as Kellanova. This unit will trade under on the New York Stock Exchange under the current ticker symbol "K." Kellanova will also include international cereals and noodles, plant-based foods like the MorningStar Farms brand (which it now intends to keep), and its North American frozen breakfast business.
Brands like Frosted Flakes, Corn Flakes, and Froot Loops will be under the name WK Kellogg Co, a nod to founder W.K. Kellogg. The unit's ticker and exchange information is set to be announced in the coming months, per a company release.
The "Kellogg's" branding will remain on all product packages of both companies globally, despite these new names.
In order to reach a decision on the new names, Kellogg says it turned to its global workforce of approximately 31,000. Nearly 1,000 employees submitted more than 4,000 name suggestions. The name "Kellanova" was inspired by those submissions. Breaking down the meaning behind it, "Kell" comes from the original Kellogg Company's name, while the Latin word "nova" means "new." The company said this name signals "ambition to continuously evolve as an innovative, next generation, global snacking powerhouse."
Nearly 20% of submissions offered a variation of the founder's name, "W.K. Kellogg."
The company intends to complete the spin-off by the end of 2023, after it announced the initial plan last June. Once completed, these names will officially go into effect.
Steve Cahillane, who is currently Kellogg Company's chairman and CEO and will serve as the future chairman and CEO of Kellanova, said this is a step toward the future of the 117-year-old brand.
"Upon spin completion, we believe both businesses will be better positioned to focus on their distinct strategic priorities, execute with increased agility and operational flexibility, realize improved outlooks for profitable growth, and shape distinctive corporate cultures, each rooted in Kellogg Company's strong values."
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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