Spun-off company intends to make Pringles, Cheez-It, Rice Krispies Treats and Pop-Tarts global brands.

Carlos Abrams-Rivera will take over as leader of the company in 2024.

Company plans to spend between $450 million and $500 million to upgrade its manufacturing footprint.

Company lowered its outlook for fiscal 2023.

Volume of product sold plummets 24% on weak demand.

Management sees improved performance during the second half of the year.

Acquisition price is approximately $2.7 billion.

The company opened a manufacturing plant in St. Louis in 2022.

The US fresh water supply has not grown even as the country’s population and infrastructure requirements continue to expand.

Management lowered its guidance for the full year as a result of the challenges.