It is understandable why Kellogg wants to ditch cereals to focus on the faster-growing snacks business. It is less clear that this is best for shareholders, who will be left holding a standalone husk business in an out-of-favor category without the benefits of synergies from the bigger group.
The company said Tuesday it would spin off its North America cereals business, home to mid 20th Century marketing icons such as Tony the Tiger and Toucan Sam, with around $2.4 billion of sales last year. It also will spin off, or possibly sell, its plant-based food business, including the MorningStar Farms brand, with around $340 million of sales.
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