15 Feb '12, 3pm

Kellogg to buy P&G's Pringles business

Kellogg to buy P&G's Pringles business

NEW YORK: Kellogg Company will buy Procter & Gamble's Pringles potato chip business for $2.7 billion as the cereal maker seeks to extend its global snacks reach, the companies said on Wednesday. The all-cash deal came after a plan to sell Pringles to Diamond Foods was scotched amid a Securities and Exchange Commission probe into another side of Diamond's business. "Pringles has an extensive global footprint that catapults Kellogg to the number-two position in the worldwide savoury snacks category, helping us achieve our objective of becoming a truly global cereal and snacks company," John Bryant, Kellogg president and chief executive, said in a statement. Pringles, the saddle-shaped potato crisps stacked in a canister, has $1.5 billion in sales across more than 140 countries. The business has manufacturing operations in the United States, Europe and Asia. Kellogg's brands ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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