BATTLE CREEK, Mich., Dec. 15, 2017 /PRNewswire/ -- Kellogg Company (NYSE: K) today announced that its Board of Directors has approved a share repurchase authorization of up to $1.5 billion, under which the Company may buy back Kellogg shares at its discretion from January 1, 2018, through December 31, 2019.
The Company uses buybacks as a way to offset dilution from options exercises and other stock grants, as well as to opportunistically return cash to share owners. Its previous $1.5 billion authorization expires on December 31, 2017.
Forward-Looking Statements Disclosure
This news release contains "forward-looking statements" about share repurchases. These statements are made on the basis of the Company's views and assumptions as of this time and the Company undertakes no obligation to update this statement unless required by law. This statement is not a guarantee of future performance; and actual events or results may differ materially from this statement. Investors should consult the Company's filings with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016) for information about certain factors that could cause such differences. Copies of these filings may be obtained upon request from the Company's Investor Relations Department or on the Company's web site at http://www.kelloggcompany.com."
About Kellogg Company
At Kellogg Company (NYSE: K), we are driven to enrich and delight the world through foods and brands that matter. With 2016 sales of more than $13 billion, Kellogg is the world's leading cereal company; second largest producer of cookies and crackers; a leading producer of savory snacks; and a leading North American frozen foods company. Every day, our well-loved brands nourish families so they can flourish and thrive. These brands include Kellogg's®, Keebler®, Special K®, Pringles®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Kashi®, Cheez-It®, Eggo®, Coco Pops®, Mini-Wheats®, and many more. To learn more about our responsible business leadership, foods that delight and how we strive to make a difference in our communities around the world, visit www.kelloggcompany.com.
SOURCE Kellogg Company