Pringles Has A New Owner
After a prospective deal with Diamond Foods went sour, Kellogg swept in to buy the Pringles potato chip brand from Proctor and Gamble.
Kellogg has popped up to buy the Pringles chip brand from Procter & Gamble for $2.7 billion after a similar deal with Diamond Foods was derailed by accounting problems and an executive shakeup at Diamond.
Troubled snack food company Diamond Foods and P&G on Wednesday said they called off their $1.5 billion deal for the brand.
The move will shore up the snack-food offerings that Kellogg currently has; It also raises the stakes for the company.
The addition will help Kellogg with its goal of becoming as big globally in snacks as it is in cereal. The Pringles business will add to Kellogg’s stable of snack brands that include Keebler, Cheez-It and Special K Cracker Chips.
“Pringles has an extensive global footprint that catapults Kellogg to the number two position in the worldwide savory snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company,” Kellogg President and CEO John Bryant said in a statement.