The Latest Breaking News from Steve Cahillane

This morning's announcement by Kellogg Company (NYSE: K) to disconnect its North American cereal and plant-based foods businesses and create three new independent publicly-traded companies via a tax-free spinoff

New York (AFP) - Iconic breakfast food brand Kellogg became the latest US corporate giant to announce a breakup, unveiling plans Tuesday to split into three companies in a move that lifted its share price.

"These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities," said CEO Steve Cahillane.

Kellogg Company (NYSE:K) reported first-quarter FY22 sales growth of 2.4% year-on-year to $3.67 billion, beating the consensus of $3.59 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.93. Kellogg North America's sales decreased 1%, Europe climbed 2%, Latin America's sales gained 8%, Asia Pacific, Middle East, and Africa's sales jumped 12%.…