Kellogg Company announced that its board of directors formally approved the previously announced separation into two independent, publicly traded companies, Kellanova and WK Kellogg Co.

Upon completion of the separation on Oct. 2, 2023, Kellogg Company will be renamed Kellanova, and will continue to trade on the New York Stock Exchange under the ticker symbol "K", while WK Kellogg Co is expected to begin trading on the NYSE under the ticker symbol "KLG".

At 12:01am EDT on Oct.2, 2023, Kellogg shareowners of record as of Sept. 21, 2023, will receive 1 share of WK Kellogg Co (KLG) for every 4 shares of Kellogg Company (K) owned.

"After more than a year of comprehensive planning and execution, we are more confident than ever that the separation will produce two stronger companies and create substantial value for shareowners," stated Steve Cahillane, Kellogg Company's chairman and chief executive officer.

Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets, and will be led by highly differentiated brands with considerable opportunity for expansion. It is projected to generate net sales of approximately $13.4-$13.6 billion and adjusted-basis EBITDA1 of approximately $2.25-$2.3 billion in 2024. Kellanova expects to deliver long-term annual growth rates of 3-5% for net sales (organic basis), 5-7% for operating profit (currency neutral and adjusted basis), and 7-9% for earnings per share (currency neutral and adjusted basis), including in 2024 on a like-for-like basis excluding WK Kellogg Co.