Kellogg to split into 3 firms as it leans into snacks importance of a continued push into groceries under company

The maker of Frosted Flakes and Rice Krispies is breaking itself up into three companies, the corporate world’s latest turn away from sprawling conglomerates in favor of streamlined enterprises that cater to the evolving tastes of consumers. Kellogg will split off its North American cereal and plant-based food units into separate companies, leaving its most profitable arm focused on selling snacks that have cemented themselves in American pop culture, including Pop-Tarts and Pringles. None of the new, publicly traded companies has been named, but the breakup is expected to be completed by the end of 2023.

Mondelez to purchase Clif Bar for $2.9B

Mondelez International said it agreed to buy U.S. organic energy-bar maker Clif Bar & Co. as part of its plan to boost its snacks segment. The Chicago-based maker of Oreos and Cadbury chocolates will buy Clif for $2.9 billion. Further payments may be possible, contingent on events that weren’t specified — a clause known as an additional contingent earnout consideration, the statement showed.

Amazon announces new retail chief

Amazon.com tapped Doug Herrington to run the company’s sprawling retail and logistics operation, giving him the new title chief executive officer of Worldwide Stores and signaling the

CEO Andy Jassy. Mr. Herrington, 55, joined Amazon in 2005 and launched the Amazon Fresh grocery delivery service in 2007. He replaces Dave Clark, a 23-year veteran who helped create a warehouse network and in-house delivery service that speeds packages to customers in two days or less.

Sales of previously owned homes fall to near 2-year low

Sales of previously owned U.S. homes fell for a fourth month in May, receding to the lowest level in nearly two years and underscoring how high prices and a surge in mortgage rates have stifled demand. Contract closings decreased 3.4% in May from the prior month to an annualized 5.41 million, the weakest since June 2020, figures from the National Association of Realtors showed.

Associated Press Kellogg’s announced Tuesday that it is splitting into three companies: a cereal maker, a snack maker and a plant-based food company. The proposed spinoffs of the yet to be named cereal and plant-based companies are expected to be completed by the end of 2023.