Splitting Up
Listen Now: Splitting Up
A major breakfast staple is splitting up. I’m brian Banmiller on Business.
The 116-year-old Kellogg company is breaking up into three different companies. One will focus on snacks, another on cereal and the third on plant-based foods. The separation between Kellogg’s and the currently unnamed companies should be completed by year end. In a call with investors the company CEO said breaking up the businesses would allow each new company to better focus on its specific products instead of being spread a little thin. He said all three businesses have the potential to be a stand-alone success, and the numbers back him up. Last year the snack division that includes Pringles, Cheez-Its and Pop-Tarts brought in $11 billion. The cereal aisle generated another $2.4 billion and the plant based sales totaled about $340 million. The moves come as Kellogg has been taking a look at its portfolio and studying what people are buying. They recently got rid of its cookie, pie crust, and fruit businesses because of low profits. But it looks like snacks and cereal are here to stay. Brian Banmiller, CBS News.
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CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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