Kellogg’s has changed its name to Kellanova, following the company’s decision to split into two separate companies.
While the company’s corporate name has changed, consumers won’t notice much difference as the Kellogg’s brand will remain on its products.
Steve Cahillane, Chairman and CEO of Kellanova, said that with the completion of the separation, Kellanova has entered a new era with a new name and a new ambition.
“We are starting from a position of strength that is rooted in a century-old legacy as we embark on a journey to achieve our vision of becoming the world’s best performing snacks-led powerhouse.”
The company believe that as a standalone company, Kellanova will benefit from greater operational focus and fit-for-purpose strategy and resource allocation, investing behind its differentiated brands in an effort to deliver consistently strong net sales and earnings growth over time.
On the New York Stock Exchange (NYSE), Kellanova will continue to trade under the ticker symbol ‘K’, while WK Kellogg Co is trading on the NYSE under the ticker symbol ‘KLG’. The company has set the distribution ratio of shares at 1 share of WK Kellogg Co for every 4 shares of current Kellogg Company.
Kellanova is projected to generate net sales of approximately US$13.4-$13.6 billion and adjusted-basis EBITDA of approximately US$2.25-$2.3 billion in 2024, with an expectation of long-term growth delivery of 3-5 per cent for net sales (organic basis), 5-7 per cent for operating profit (currency neutral and adjusted basis), and 7-9 per cent for earnings per share.