Food manufacturing company Kellogg's is set to spin off into three independent companies, in a move that will separate its iconic brands into distinct snacking, cereal, and plant-based businesses.
The announcement was made on Tuesday and signals Kellogg's move to focus on snacks as trends show people increasingly eat between meals.
This comes as sales figures for cereals reached only 2.4 billion U.S. dollars and have stagnated in the U.S. due to a wider range of breakfast options.
In contrast, the company's snacks sales reached 11 billion-dollars.
Names for the new companies are set to be announced later, with the process scheduled for completion by the end of 2023.