Kellogg, one of the original producers of Woke Capitalism, said on Tuesday that it has split into three independent companies.
According to Kellogg, the company will split into three publicly traded companies, whose names will be determined later. The split, expected to be a tax-free deal, was approved by the board.
“Kellogg embarked on a successful transformation journey to increase productivity and increase long-term shareholder value,” said Steve Cahilain, the company’s chairman and CEO.
Breitbart News reported in 2017:
Every time an American family buys a box of Kellogg’s cereal from the grocery store, they contribute to a wealthy left-wing foundation that campaigns to open borders, supports the George Soros Open Society Institute, and promotes many other causes that remain.
The WK Kellogg Foundation is the largest shareholder of Kellogg Company. According to its 2016 tax return, the Kellogg Foundation Trust owns approximately $5.2 billion in stock in the company, which is about 20 percent of the company’s equity. Other major shareholders are usually passive investors such as mutual funds and their ownership is only part of the fund. This means that the fund effectively controls a well-known grain company.
In 2016, Kellogg called for Breitbart to be blacklisted, saying the news outlet did not demonstrate its values. This triggered a #dumpkellogg boycott, which AdWeek said was unduly damaging to the company’s reputation.
Kellogg’s stock has fluctuated over the past five years, but the price has not risen. Five years ago, the shares were worth about $70 per share. The shares were worth about $67.50 on Monday. However, stocks have gained nearly four percent since the start of the year, which is more than any major indices that have entered a bear market recently. The stock was trading around $73 when Kellogg announced that it had blacklisted Breitbart. In the spring of 2016, it was at an all-time high of about $81 per share.
The new businesses will split into a global snack company, a North American grain company, and a plant-based food company.
Source: Breitbart
