STORY: Kellogg no longer wants to be known mainly for its breakfast cereals.
The U.S. foods giant says it’s going to break up into three parts.
Its North American cereals and plant-based foods businesses will be spun off.
The firm says those two units now account for 20% of its net sales.
It’s a big moment for a firm founded in 1894 when W.K. Kellogg invented corn flakes, and which went on to become synonymous with breakfast cereals.
In recent years it’s focused more on building its snacks portfolio, which does include international cereals, but also noodles and other nibbles.
It makes brands including Pringles potato chips.
That division brought in 80% of sales, or over $11 billion.
Now Kellogg says the names of the three constituent companies will be decided later.
It says all three will be viable and better focused as standalone businesses.
The move comes after other major U.S. firms, including Johnson & Johnson and General Electric, said they too were splitting up.