K - 1 Green Flag and 1 Red Flag for Kellogg's Big Business Split

Kellogg (NYSE: K) is a company with an incredible history dating all the way back to 1906. It has grown into a food giant with $14 billion in annual revenue and operations spanning the globe. Since 2012 the company has been working on a major corporate overhaul and just recently announced its biggest move yet, a three-way breakup.

Here's why investors should like the plan -- and also why some might question the value of this move.

Since buying the Pringles snacking brand in 2012, Kellogg has been reshaping its portfolio to focus on growth. That's involved jettisoning slower growth brands, such as Keebler, and adding better-positioned businesses, like a noodle operation in Africa. The company largely completed the portfolio rejiggering just as the coronavirus pandemic hit in 2020, making it hard to see the benefits of the various strategic moves that had been made.

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