'How many jobs are we talking about?' Kellogg moving its corporate HQ to Chicago

CHICAGO (CBS) -- Within the past few weeks, Boeing and Caterpillar announced they are leaving.

But on Tuesday, the trend reversed as Kellogg's announced it would establish a headquarters in Chicago as it restructures its business.

So what does that mean for the city? CBS 2's Tim McNicholas went to find out.

Kellogg already employs about 300 people at Hubbard and Wells. Now, the company will make it the corporate headquarters for its snack division, which makes Pringles, Cheez-its, Pop-Tarts and more.

"Is the growth 10%? 20%?"  

Professor Harry Kraemer works for a different Kellogg, the Northwestern University Kellogg School of Management.

"Every time I hear about a headquarters coming to Chicago or leaving Chicago, to me, the whole question becomes, how many jobs are we talking about," asked Kraemer.

Kellogg mentions growth more than a dozen times in a press release about their plans. But the company wouldn't say how many jobs they plan to create here. CBS 2 asked the company for an answer and didn't get one.

"I'm gonna guess maybe this is happening so quickly, they don't know," Kraemer said.

Kellogg will split into three companies, a move called a spinoff in the business world. The cereal and plant-based foods parts of the company will remain headquartered in Michigan, where Kellogg was founded in 1906.

But the snack division, which will call Chicago home, makes up for about 80% Kellogg's current sales.

The city and state would welcome more jobs after both Boeing and Caterpillar announced plans in the past two months to move headquarters elsewhere.

"I think they look at Chicago as a big city where they may be able to attract some people they may not be able to attract in a smaller area." Kraemer said.

Boeing said its decision won't cause major job relocations because they plan to maintain a presence here. CBS 2 has learned Caterpillar's headquarters move from the northern suburbs to Texas will cost Illinois 230 jobs.

As for Kellogg, its spinoff plans should be completed by the end of next year.

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• Chicago