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 Kellogg’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 United States, Canada and the Caribbean with estimated net sales of $2.7 billion in 2022.
- Kellogg’s Board of Directors has already approved the split through a tax-free spinoff that should go into effect in the fourth quarter of 2023.
- When the split goes into effect, shares of Kellanova stock will trade on the New York Stock Exchange under the “K” stock ticker.
- Shares of WK Kellogg Co will also start trading on the NYSE but will instead use the “KLG” stock ticker.
- Investors seeking more information about the split will want to tune into a special investor event on Aug. 9 that will include updates from the leadership teams of both Kellanova and WK Kellogg Co.
K stock is largely unmoved 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!
More Stock Market News for Tuesday
- WMT Stock Alert: Is Walmart Really Worth $210?
- MBLY Stock Alert: Morgan Stanley Restarts Mobileye Coverage
- NIO Stock Revs Up on New Economic Hopes
On the date of publication, William White did not hold (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.