WK Kellogg Co: restructuring charge — WK Kellogg Q2 net sales down 3.9%; announces supply chain restructuring with Omaha plant closure

WK Kellogg Co

Q2 reported net sales $672M (-3.9% YoY); net income $31M (+14.8%); adjusted EBITDA $78M (-12.4%).
Reaffirms 2024 adjusted net sales/EBITDA guidance; expects net sales at lower end of range.
Board approves reorganization: close Omaha plant by end 2026, scale back Memphis production from late 2025.
Estimated cumulative restructuring pretax charges $230-$270M: $30-40M cash severance, $170-190M non-cash.
Supply chain modernization capex up to $390M plus ~$110M one-time cash costs; total spend ~$450-500M.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

WK Kellogg Co announced a restructuring with charges of between $230 and $270 million affecting manufacturing network - Omaha, Nebraska plant and Memphis, Tennessee facility.

Type: restructuring
Charge: between $230 and $270 million
Affected area: manufacturing network - Omaha, Nebraska plant and Memphis, Tennessee facility

Exact text from the filing

plan are expected to be substantially completed by the end of fiscal year 2026. These actions are expected to result in cumulative restructuring pretax charges of between $230 and $270 million, including between $30 and $40 million in cash costs for severance and other termination benefits and between $30 and $40 million in other cash restructuring

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Source: SEC EDGAR

accession 0001628280-24-034981

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