Kellogg Breaking Up Into 3 Separate Companies, Shares Jump

Boxes of Kellogg's Frosted Flakes cereal are seen displayed inside a Wal-Mart store in Rolling Meadows, Illinois, on July 28, 2003. Tim Boyle/Getty Images

Kellogg has announced plans to split up into three separate companies by spinning off its North American cereal and plant-based businesses in hopes of enhancing “performance and value.”

The Michigan-based Kellogg Company said in a statement Tuesday that its board has approved a plan to divide its business into three independent public companies, “each better positioned to unlock their full standalone potential.”