Although you may think of Energizer as a company that makes batteries, Cramer says it's much more. "Energizer has been moving into the personal care space, basically trying to become a miniature version of Procter & Gamble. They're now the number two maker of wet shave products," Cramer said.
And that's why it had to break apart.
"It became a company with two disparate businesses that weren't easy to understand," Cramer said. "Then, in late April Energizer announced it would split off its personal care and household products business as a separate company. On the news, shares jumped from $97 to $111 for a 15 percent gain in a single session."
However, Cramer sees still more upside.
Cramer believes that, going forward, the battery company will be largely viewed by Wall Street as a cash cow with a bountiful dividend, while the personal care company will be viewed as a faster growing entity that's able to focus on innovation and acquisitions that can expand the business.
"Combined, these two businesses were neither fish nor fowl, but separate, I think they can command much higher values," Cramer said.
On top of that, Cramer thinks the two companies could also become takeover targets.
All told, Cramer is a buyer, albeit a strategic one.
"Right now, Energizer's only a couple of points off its highs, so I say wait for the next bout of market-wide weakness, but when it comes I'd buy this baby on a pullback."
Ironically, Mondelez is itself a product of the Kraft breakup back in 2012.
"At the time, the slower-growing grocery oriented businesses went to the new Kraft, and the faster-growing worldwide snack brands, like Oreos, Chips Ahoy, Lu cookies, Trident gum and Cadbury chocolates, went to Mondelez," Cramer explained. "However, they were also left with the old Kraft's coffee business."
Earlier this month, however, Mondelez announced plans to split off their coffee business and combine it with DE Master Blenders.
As a result, Cramer says Mondelez has altered the way the company will be valued.
"In one fell swoop, Mondelez has streamlined its business, becoming a leaner more focused play on snacks, and it has liberated itself from the extreme volatility of coffee prices," Cramer said.
Although shares popped as much as 8 percent on the day of the announcement, Cramer thinks there more upside ahead. "I believe Wall Street will reward the stock with a higher multiple for being much closer to a pure play on the strong global snack market."
Alliant Techsystems is largely a manufacturer of sophisticated products used by the aerospace and defense sectors. However, it's also a producer of ammunition for the sport enthusiast.
Last week, the company announced plans to merge its defense business with Orbital Sciences but spin off the sporting business.
"It makes a ton of sense," Cramer said. "The sporting business has been growing faster than the rest of the company."
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Although shares spiked 7 percent on the news, again, Cramer doesn't believe the Street fully understands the benefits.
"The merger with Orbital will allow ATK's defense oriented businesses to better handle the decline in defense spending by giving them the expertise to build superior equipment at lower prices," Cramer said.
And Cramer doesn't think that's entirely factored into share price. "Therefore, I expect the stock to keep rallying," he said.