Kellogg Completes Acquisition of Pringles
DETROIT -- Kellog Co. completed its acquisition of the Pringles product line from Procter & Gamble on Thursday, May 31, for $2.695 billion. The purchase nearly triples its international snacks business and makes it the second-largest savory snacks company, according to Kellogg.
"In Pringles, Kellogg has acquired a terrific business, with exceptional employees, world-class manufacturing facilities, iconic brand awareness, and a tremendous platform for growth," stated John Bryant, president and CEO of Kellog Co. "The addition of Pringles to our portfolio significantly advances the company's strategic goal of building a global snacks business on par with our global cereal business, and expanding our global footprint."
Pringles boasts $1.5 billion in sales across more than 140 countries annually. In April 2011, California-based Diamond Foods Inc. announced that it would purchase the brand for $2.35 billion; the deal was pushed back last November. Kellogg announced its purchase agreement on Feb. 15, 2012.
"The Pringles team embodies the same values and passion for growth that have driven the people of Kellogg for more than a century," said Bryant. "We are excited to welcome these talented team members to Kellogg and work together to build a truly global snacks platform with tremendous potential for growth."