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Kellogg Co K Stock Quote

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Despite an Unwavering Edge, Kellogg's Sales Could Be Quelled by Competitive and Macro Angst in Time

Erin Lash, CFA Sector Director

Business Strategy and Outlook

| Erin Lash, CFA |

While we've long held Kellogg's strategic playbook (increasing investments in capabilities and brands while extracting inefficiencies) is on point, we question the rationale underpinning its decision to spin off its North American cereal and plant-based alternative arms, leaving it with its global snacking brands. Despite the increased focus management claims this affords, we fail to see how this strategic action enhances its competitive position or financial prospects, given the reduced scale and added administrative costs that are likely to ensue. In our view, the motivation leans more toward unlocking a higher multiple for the faster-growing snack business once it's unencumbered by the more mature North American cereal brands.

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Business Description

Founded in 1906, Kellogg is a leading global manufacturer and marketer of cereal, cookies, crackers, and other packaged foods. Its offerings are manufactured in 21 countries and marketed in more than 180 countries. Its product mix includes well-known brands such as Special K, Frosted Flakes, Froot Loops, Rice Krispies, Pop-Tarts, Eggo, Kashi, and Morningstar Farms. The firm added the Pringles brand to its mix in 2012. Sales outside its home turf account for around 40% of Kellogg's consolidated sales base. The firm intends to split its global snacking arm from its North American cereal and plant-based alternative segments by the end of calendar 2023.

One Kellogg Square
Battle Creek, MI, 49016-3599
T +1 269 961-2000
Industry Packaged Foods
Most Recent Earnings Sep 30, 2022
Fiscal Year End Jan 1, 2023
Employees 31,000

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