Kellogg Co. has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC), marking completion of the latest step toward the planned separation of the company into two independent, public businesses: Kellanova and WK Kellogg Co.
The planned separation was announced June 21, 2022, and the company expects to complete the transaction during the fourth quarter of 2023. After the separation, Kellanova will house the former Kellogg Co.’s global snacking, international cereal and noodles, and North American frozen foods businesses, which racked up about $12.6 billion in 2022 net sales.
The second business — WK Kellogg Co — will carry the U.S., Canadian and Caribbean cereal businesses, which earned approximately $2.7 billion in 2022 net sales.
According to the release sent by Kellogg Co., the Form 10 provides important information about WK Kellogg Co’s portfolio, business dynamics, strategy, risk factors and management. The filing provides certain WK Kellogg Co financial statements, including historical carve-out financial statements and pro forma financial statements, and a discussion of the key drivers of WK Kellogg Co’s past financial performance. A copy of the Form 10 is available on the SEC’s website at www.sec.gov as filed by WK Kellogg Co. The Form 10, filed on July 24, 2023, is subject to change and will be made final prior to the effective date of the spin.