Kellogg Company has announced the filing of a Form 10 registration statement with the US Securities and Exchange Commission (SEC) relating to its plan to separate into two businesses.
In June 2022, the company announced that its board of directors had approved a plan to pursue a separation of its North American cereal business (WK Kellogg Co) via a tax-free spin-off. Earlier this year, the company revealed the names of the two resulting public companies that it will create.
Kellanova, with around $12.6 billion in 2022 net sales, will be a global snacking, international cereal and noodles and North America frozen foods business. WK Kellogg Co, with around $2.7 billion in 2022 net sales, will be a cereal company operating in the US, Canada and Caribbean.
The separation transaction is targeted to be completed during the fourth quarter of 2023, subject to certain customary conditions including final approval by the board and effectiveness of the Form 10 registration statement.
Steve Cahillane, Kellogg Company’s chairman and CEO, said: “Today’s Form 10 filing marks another important step toward our planned separation into two established and special businesses. As stand-alone companies, Kellanova and WK Kellogg Co will benefit from an enhanced focus that will enable them to better direct their resources toward their distinct strategic priorities, unlocking value for shareowners.”
The Form 10 provides information about WK Kellogg Co’s portfolio, business dynamics, strategy, risk factors and management. It provides certain WK Kellogg Co financial statements and a discussion of the key drivers of the business’ past financial performance.
Filed on July 24, the Form 10 is subject to change and will be made final prior to the effective date of the spin.
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