New York (CNN Business) Kellogg is splitting into three different companies in a major shakeup for the 116-year-old company. Kellogg's K The first company will includeNorth America cereal unit, which includes Raisin Bran and Rice Krispies, its snacking unit will become a second company, including Cheez-Its and Pringles. New names for the spin-offs will be announced later, and the spinoffs are expected to be completed by the end of 2023. The board of directors has approved the plans and headquarters for the three units will remain unchanged. "Kellogg has been on a successful journey of transformation to enhance performance and increase long-term shareowner value, said Kellogg CEO Steve Cahillane in a statement.

Source: CNN June 21, 2022 20:35 UTC