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TOSHIBA CORPORATION

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Factbox-Some of the biggest splits in Corporate America

06/21/2022 | 11:11am EDT
FILE PHOTO: Kellogg's Corn Flakes owned by Kellogg Company is seen for sale in a store in Queens, New York City

(Reuters) - Kellogg Co on Tuesday became the latest U.S. corporation to announce a splitting of its business. The company said it would spin off its North American cereal and plant-based foods divisions to focus on expanding its snack business.

Following is the list of some of the major U.S. corporate split-ups in the past:

YEAR COMPANY Stock trading performance since

splits, as of June 17 market

close

1984 AT&T Inc In 1974, the U.S. government

filed an antitrust lawsuit

against AT&T Corp because it had

a monopoly on telephone lines.

After eight years of litigation,

the two sides reached a

settlement that led to AT&T


giving up control https://reut.rs/3mWDI3Q

of its regional operating

companies, or Baby Bells.

2015 Ebay Inc In June 2015, e-commerce firm

eBay Inc approved the spinoff https://www.ebayinc.com/stories/news/ebay-inc-board-approves-completion-of-ebay-and-paypal-separation

of PayPal, which is up 92%

since it began trading. EBay has

gained 62% during that time

frame.

2015 Hewlett Packard Co In November 2015,

Hewlett-Packard split into two


listed companies https://reut.rs/3og9c4i.

Hewlett Packard Enterprise,

which comprises the corporate

hardware and service business,

while Hewlett-Packard, which was

renamed HP Inc, comprises the

computers and printers business.

Both stocks have risen since

that time, with HPE up 25% and

HPQ 156%.

2016 Honeywell In September 2016, Honeywell

International International Inc, a U.S.

manufacturer of aerospace parts

and climate control systems,


approved the spinoff https://reut.rs/3F36dTY

its $1.3 billion resins and

chemicals operations into a

standalone company, AdvanSix

Inc. That stock is up 182% since

it began trading, while

Honeywell rose 66% during that

time period.

2019 DuPont In April 2019, DowDuPont Inc

spun off its material science

division Dow Inc, followed in

June 2019 with agriscience

company Corteva, as part of its


breakup into three companies https://reut.rs/31McHYU.

Since the starts of their

trading, Dow is up 10%, Corteva

is up 79%, but DuPont has shed

more than 27%.

2020 United Technologies In March 2020, United

Technologies Corp approved the

spinoffs https://www.prnewswire.com/news-releases/united-technologies-board-of-directors-approves-separation-of-carrier-and-otis-and-declares-spin-off-distribution-of-carrier-and-otis-shares-301021893.html

of Carrier Global Corporation

and Otis Worldwide Corporation.

Carrier has climbed 165% and

Otis rose 69.7% since they

commenced trading.

2021 IBM IBM spun off a large chunk of

its company, the managed and

infrastructure business, as

Kyndryl in November 2021, as the

century-old tech company shed

its slow-growing business to

focus on high-margin cloud and

artificial intelligence

businesses. Kyndryl was down 81%

since it began trading in

October, while IBM has gained

10.5% since then.

2021 General Electric Co General Electric said it would

split into three public

companies focusing on energy,

healthcare and aviation as the

industrial conglomerate seeks to

simplify its business, pare debt

and enhance its battered share

price.

2021 Johnson & Johnson Johnson & Johnson said it was

planning to break up into two

companies, splitting off its

consumer health division that

sells Band-Aids and Baby Powder

from its large pharmaceuticals

unit.

2022 Kellogg Co Kellogg said it would spin off

its North American cereal and

plant-based foods businesses to

focus on its snacking unit,

resulting in three independent

public companies.

(Reporting by Chavi Mehta, Tiyashi Datta and Deborah Sophia in Bengaluru and Karen Pierog in Chicago and Lewis Krauskopf in New York; Editing by Matthew Lewis, Anil D'Silva and Sriraj Kalluvila)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EBAY INC. -1.54% 48.68 Delayed Quote.-26.80%
EURO STOXX 50 0.34% 3789.62 Delayed Quote.-12.13%
HONEYWELL INTERNATIONAL INC. 0.69% 202.25 Delayed Quote.-3.00%
HPQ SILICON INC. -3.23% 0.3 Delayed Quote.-34.78%
PAYPAL HOLDINGS, INC. 0.41% 101.51 Delayed Quote.-46.17%
TOSHIBA CORPORATION -0.06% 5187 Delayed Quote.9.73%
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Financials
Sales 2023 3 335 B 25 063 M 25 063 M
Net income 2023 186 B 1 397 M 1 397 M
Net Debt 2023 190 B 1 429 M 1 429 M
P/E ratio 2023 13,3x
Yield 2023 5,68%
Capitalization 2 245 B 16 874 M 16 874 M
EV / Sales 2023 0,73x
EV / Sales 2024 0,72x
Nbr of Employees 116 224
Free-Float 95,2%
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Number of Analysts 8
Last Close Price 5 190,00 JPY
Average target price 5 166,25 JPY
Spread / Average Target -0,46%
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Taro Shimada President & Chief Executive Officer
Masayoshi Hirata CFO, Head-Accounting & Finance Management
Keiichi Yumita Head-Information Systems
Yutaka Sata Vice President-Research & Development
Hideaki Ito Head-Technology Planning, R&D Center
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