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Kellogg beats Diamond Foods to buy Pringles
Kellogg has beaten Diamond Foods in the race to buy Procter & Gamble (P&G) snack brand Pringles, snapping it up for $2.69bn (£1.71bn).
Pringles: acquired by Kellog from Procter & Gamble for $2.69bn
Kellogg purchased Pringles after a similar deal between P&G and Diamond Foods fell through because of accounting issues and executive changes at Diamond Foods.
Kellogg's acquisition of Pringles will help it in its plans to become a global player in snacks, as it is in cereal foods.
P&G and Diamonds Foods, which makes Emerald Nuts, said they had mutually agreed to end their deal regarding Pringles.
Pringles reported $1.5bn (£956m) in annual sales in its latest figures, across 140 countries.
It is unclear at this stage whether the deal will lead to any redundancies.
John Bryant, Kellogg president and chief executive, said he was confident that the Pringles business "would thrive under Kellogg's leadership."
Follow John Reynolds on Twitter @johnreynolds10
This article was first published on marketingmagazine.co.uk
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