Kellanova makes and sells branded snacks and convenience foods globally. After spinning off its North America cereal business (WK Kellogg) in October 2023, Kellanova focuses primarily on snacks, with key brands including Pringles, Cheez-It, Pop-Tarts, Eggo, and Rice Krispies Treats. Pringles is Kellanova's largest and most international brand, with a presence across North America, Europe, Latin America, Asia, the Middle East, and Africa. Cheez-It is a U.S. cracker market leader that Kellanova is actively expanding internationally. Kellanova also retains international cereal businesses across Europe, Latin America, and Africa, and sells Kellogg's noodles in Nigeria through joint ventures. Kellanova sells through retail, with Walmart accounting for roughly 16% of net sales. The company reports through four geographic segments: North America (roughly half of revenue), Europe, Latin America, and EMEA. Kellanova makes money by selling branded products to retailers, with profitability driven by pricing power over private label, brand investment, supply chain efficiency, and input cost management. Kellanova is targeting a 15% operating margin by 2026, up from roughly 12-13% post-spin, through network optimization and a productivity program. Growth strategy centers on brand innovation, emerging markets expansion, and margin improvement. In August 2024, Mars agreed to acquire Kellanova for $83.50 per share in cash, with the deal expected to close in the first half of 2025.